PETALING JAYA: Sum Technology Bhd has signed an underwriting agreement with Malacca Securities Sdn Bhd in conjunction with its proposed listing on the ACE Market of Bursa Malaysia.
The company is a turnkey solutions provider specialising in cleanrooms, controlled environments, and mechanical, electrical, process utilities and firefighting systems for mission-critical facilities.
In a statement, the company said its initial public offering will comprise the public issue of 117 million new ordinary shares (26% of its enlarged issued shares).
Under the underwriting agreement, Malacca Securities will underwrite 27 million issue shares made available to the Malaysian public and the eligible persons.
The proceeds from the IPO will primarily be utilised for business expansion, establishment of a new office in the Philippines, design and development activities, and working capital requirements.
“Moving forward, Sum Technology intends to expand its operational footprint, enhance its project delivery capabilities, and strengthen its position as a reliable solutions provider for mission-critical environments.”
