Master Tec Group Berhad Enters Into Underwriting Agreement With SJ Securities
On 12.12.2023, Master Tec Group Berhad (Master Tec) entered into the underwriting agreement with SJ Securities Sdn Bhd (SJ Securities) in conjunction with its initial public offering (IPO).
The group is principally involved in the manufacturing and distribution of a wide range of high-performance low voltage power cables, control and instrumentation cables as well as trading of medium voltage (MV) power cables, fibre optic cables and solar direct current power cables.
The IPO entails 285.6 million shares, comprising a public issue of 158.1 million, and an offer for sale of 127.5 million shares which collectively represent 28% of the group’s enlarged issued share capital of 1.02 billion ordinary shares.
Out of 158.1 million shares, 51.0 million new shares will be made available for application by the Malaysian public and approximately 2.1 million new shares for its eligible directors and employees.
The existing 127.5 million shares offered for sale are reserved for private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry, while the remaining approximately 105.0 million new shares will be placed out to selected investors.
SJ Securities will underwrite a total of approximately 53.1 million new shares made available to the Malaysian public and pink form allocations.
Part of the proceeds from the public issue will be utilised to build two new manufacturing plants in Alor Gajah, Melaka to venture into the manufacturing of MV power cables.
Our Capital Markets & M&A Head & Partner, Ong Eu Jin together with Senior Associate Lily Lee Zai-Lii as well as Associates Christin Wong Tsui Yuan and Charmaine Lim Ming Li are the key lawyers involved in this corporate exercise. We are active in the IPO space and if you have any queries, please contact our Capital Markets & M&A Head & Partner, Ong Eu Jin at eujin@rdslawpartners.com
More information on the signing ceremony can be found at:
The Edge Malaysia
12 December 2023