KUALA LUMPUR: Advance Technologies Asia Bhd (ATA) has signed an underwriting agreement with Malacca Securities Sdn Bhd for its proposed initial public offering (IPO) and listing on the ACE Market of Bursa Malaysia.
In a statement, the mechanical and electrical (M&E) engineering solutions provider said its IPO would comprise a public issue of 103.6 million new shares, representing 22.82% of its enlarged issued share capital.
Of the total, 22.7 million shares will be made available to the Malaysian public, 4.54 million shares to eligible persons and 76.36 million shares through private placement to selected investors.
The IPO also includes an offer for sale of 17.40 million existing ordinary shares, equivalent to approximately 3.83% of the enlarged issued share capital, to be allocated by way of private placement to selected investors.
Malacca Securities is the principal adviser, sponsor, underwriter and placement agent for the IPO.
ATA managing director Ong Keng Yong said the proposed listing would support the company's expansion plans, including increasing its project teams and investing in additional equipment to undertake more projects simultaneously.
"The listing will enable us to expand our project teams, invest in additional project equipment and strengthen our capabilities to take on more projects concurrently," he said.
ATA also plans to develop a customised enterprise resource planning system to streamline its operations and expand its operations and maintenance (O&M) services, particularly in the data centre segment.
Ong said the company was positioning its O&M services to tap demand from completed data centres transitioning into long-term maintenance, which could provide a recurring revenue stream.
