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BUSINESS

ECA Integrated Solutions signs underwriting agreement with UOBKH for IPO exercise

28/09/2022 10:43 PM

KUALA LUMPUR, Sept 28 (Bernama) --  ECA Integrated Solution Bhd has entered into an underwriting agreement with UOB Kay Hian Securities (M) Sdn Bhd (UOBKH) for its forthcoming initial public offering (IPO) on the ACE Market of Bursa Malaysia Securities Bhd.

In a statement today, the automated manufacturing solution provider said that the IPO exercise encompassed a public issuance of 150 million new shares, representing 26 per cent of its enlarged share capital, as well as an offer for sale of 48 million existing shares, representing 8.3 per cent of the enlarged shares by way of private placement to selected investors.

It said out of the 150 million new shares, 28.9 million shares would be made available to the Malaysian public via balloting, 14.4 million shares to its eligible directors, employees and persons who have contributed to the success of the company while the remaining 106.7 million shares are reserved for selected investors by way of private placement.

Executive director/chief executive officer Ooi Chin Siew said large manufacturers globally are shifting towards smart factories for greater efficiency and productivity while reducing reliance on manual labour.

“This is where ECA Integrated Solution comes in to play a key role as it is our strength to provide both integrated production systems and standalone automated equipment for our clients.

“Looking ahead, we shall allocate the bulk of our IPO proceeds to scale up our capability and capacity through investing in new high-speed machinery as well as boost our working capital to support existing and future growth,” he said.

ECA Integrated Solution is scheduled to be listed on the ACE Market of Bursa Securities by November 2022 with UOBKH as the principal adviser, sponsor, sole placement agent and sole underwriter for the IPO exercise. 

-- BERNAMA


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