KUALA LUMPUR: Yew Lee Pacific Group Bhd has entered into an underwriting settlement with M&A Securities Sdn Bhd for its preliminary public providing (IPO) on the ACE Market of Bursa Malaysia.
The commercial brush producer is endeavor an IPO with a public difficulty of 133.1 million shares and a suggestion of sale of 26.62 million shares to chose buyers.
Of the problem shares, 26.62 million can be made obtainable to the Malaysian public, 15.97 million to eligible administrators and staff, 20.96 million for personal placement to chose buyers and 66.55 million to Bumiputera buyers.
In keeping with Yew Lee, M&A Securities will underwrite 42.59 million shares of the full proposed difficulty of shares to the Malaysia public and by way of pink types.
It mentioned M&A Securities may also place out 90.51 million difficulty shares to chose buyers and Bumiputera buyers accredited by the Worldwide Commerce and Trade Ministry.
“We’re delighted to be working with M&A Securities on our IPO as this underwriting settlement marks the primary stage of the trail in the direction of our eventual profitable itemizing on the ACE Market of Bursa Securities.
“This itemizing will assist us to lift the capital wanted for our growth plans whereas on the identical time, enhance our model visibility within the industrial brush trade,” mentioned Yew Lee managing director Ang Lee Leong in an announcement.
Yew Lee manufactures industrial brushes for a wide range of industries, together with glove, industrial, electrical and digital, industrial and business cleansing suppliers in addition to glass and wooden producers.
For the monetary 12 months ended Dec 31, 2020, Malaysia contributed 81.4% to the corporate’s complete income, whereas Thailand contributed 6.7% and Vietnam, 6.2%.
By trade, glove producers contributed 88% to Yew Lee’s income in FY20.