Sum Technology secures listing underwriter

From left: Sum Technology executive director and chief operating officer Cheng Kai Sean, Sum Technology executive director and chief executive officer Lee Thiam Hing. Malacca Securities Sdn Bhd managing director Lim Chia Wei and Malacca Securities head of corporate finance Yap Siew Thee.

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, as well as mechanical, electrical and process utilities and fire fighting systems for mission-critical facilities.

In a statement, the company said its initial public offering (IPO) will comprise the public issue of 117 million new ordinary shares (26% of its enlarged issue shares). Under the agreement, Malacca Securities will underwrite 27 million issue shares made available to the public and eligible persons.

The proceeds from the IPO will primarily be utilised for business expansion and working capital requirements.