BUSINESS

TASHIN SIGNS UNDERWRITING AGREEMENT WITH THREE FIRMS

14/05/2019 01:30 PM

KUALA LUMPUR, May 14 (Bernama) -- Tashin Holdings Bhd has signed an underwriting agreement with M&A Securities Sdn Bhd, Malacca Securities Sdn Bhd and JF Apex Securities Bhd in conjunction with its initial public offering (IPO) exercise to list on the ACE Market of Bursa Malaysia Securities Bhd.

In a statement today, the company said M&A Securities would serve as the advisor, sponsor, managing underwriter, joint underwriter and placement agent for the IPO, while Malacca Securities and JF Apex Securities were joint underwriters for the IPO.

The IPO exercise involves the issuance of 59.33 million new shares in Tashin, a steel products manufacturer, representing 17 per cent of the company’s enlarged share capital.

Tashin said the IPO would further strengthen its financial position as it embarks on the next phase of its business expansion plans.

Proceeds from the IPO will be used mainly for capital expenditure to support Tashin Group’s business expansion into the production of wire mesh products and to upgrade its existing steel processing line.

It will also be used to purchase a piece of industrial land for the construction of a new factory and to supplement the working capital of the Tashin group, among others.

Tashin is scheduled to be listed on the ACE Market of Bursa Securities by August 2019.

-- BERNAMA

 


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