Techbond signs IPO UA with Public Investment Bank

by DASHVEENJIT KAUR

Techbond Group Bhd, en route to be listed on the Main Market of Bursa Malaysia by year-end, has signed an underwriting agreement (UA) with Public Investment Bank Bhd for its initial public offering (IPO) exercise.

The industrial adhesives and sealants manufacturer will offer 17.2 million shares to the Malaysian public, the group’s eligible employees, as well as those who have contributed to the group’s success.

“The IPO exercise entails a public issue of about 60.11 million new ordinary shares. Out of which, 11.5 million shares will be open for application to the Malaysian public, while six million will be open to eligible directors, employees and selected contributors of the company,” it said in a statement.

The remaining 23 million shares will be made available for application by way of private placement to Bumiputera investors approved by the International Trade and Industry Ministry and 19.61 million shares will be open to selected investors.

“Tapping into the capital market will help accelerate our growth plans of expanding our operations in Malaysia and Vietnam as we look to capture new markets and expand existing ones.

“We also believe this listing exercise will enhance our public profile and, hopefully, further strengthen our financial position in the years to come,” Techbond MD Lee Seng Thye said in a release yesterday.