malaysiangGEORGE TOWN, Automation solutions and engineering services provider 3REN Bhd has entered into an underwriting agreement with KAF Investment Bank Bhd (KAF IB) for its initial public offering (IPO).
The company is slated to be listed on the ACE Market of Bursa Malaysia Securities Bhd by the fourth quarter of this year.
In a statement today, the company said its IPO entails a public issue of 110 million new ordinary shares and an offer for sale of up to 45 million existing shares.
“The public issue portion represents 16.9 per cent of 3REN’s enlarged issued share capital. Of this, 32.5 million shares will be available for application by the Malaysian public, and 30 million shares will be allocated to eligible directors, employees, and contributors to the group’s success,’ it said.
Additionally, 3.8 million new shares will be offered through private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI), and 43.7 million shares will be earmarked to selected investo
rs through private placement.
The group also noted that the offer for-sale portion, which represents 6.9 per cent of 3REN’s enlarged issued share capital, will be placed out by way of the private placement to Bumiputera investors approved by MITI.
3REN’s executive director and chief executive officer (CEO) Koh Dim Kuan said that the listing will enhance the company’s competitiveness across the diverse industries that it serves.
‘We are expanding regionally by establishing a sales and marketing office in Singapore, to better serve our existing multinational customers and strategically position ourselves closer to new prospective customers.
“With the ongoing Industry 4.0 revolution and growth in the semiconductor industry, we are confident that this IPO will enable us to capitalise on opportunities to enhance our operational efficiency and expand our market reach in the coming years ahead,’ he said.
KAF IB CEO Rohaizad Ismail SAID that the listing allows 3REN to strengthen its position to take advantage of
the industry’s recovering outlook and the government’s initiatives to advance the semiconductor value chain.
KAF IB serves as the principal adviser, sponsor, sole underwriter, and sole placement agent for this IPO exercise.
3REN has a regional presence outside Malaysia, operating in countries such as Thailand, Singapore, the United States, China, Vietnam, the Philippines, Canada, Costa Rica, India, and Taiwan.
Source: BERNAMA News Agency
