TechStore Inks Underwriting Agreement With M&A Securities For Upcoming IPO
KUALA LUMPUR, Jan 6 (Bernama) -- Information technology (IT) services provider, TechStore Bhd (TechStore) has signed an underwriting agreement with M & A Securities Sdn Bhd for its upcoming initial public offering (IPO) on the ACE Market of Bursa Malaysia.
TechStore is scheduled to be listed on the ACE Market next month.
In a statement today, the company said the IPO encompasses a public issuance of 125.0 million new shares, representing 25.0 per cent of its enlarged share capital and an offer for sale of 25.0 million existing shares, representing five per cent of its enlarged share capital.
“Out of the 125.0 million shares, 25.0 million shares will be made available to the Malaysian public via balloting, and 25.0 million shares to its eligible directors, employees and persons who have contributed to the success of TechStore via pink form allocations.
“A total of 62.5 million shares will be offered by way of private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry, while the remaining 12.5 million shares will be offered by way of private placement to selected investors,” it said.
TechStore managing director, Tan Hock Lim said the IPO will unlock new opportunities, providing the resources and flexibility to accelerate the company’s growth and expansion efforts.
“This agreement brings us a step closer to our upcoming listing on the ACE Market of Bursa Securities.
“We are dedicated to enhancing operational efficiency and supporting businesses in their digital journeys. Our goal is to empower businesses with the tools they need to stay competitive and resilient in the digital age,” he said.
M&A Securities as the principal adviser, sponsor, sole underwriter and placement agent for the IPO.
-- BERNAMA