Electronics manufacturing solutions provider Cnergenz inks underwriting agreement for ACE Market IPO
04 Apr 2022
Penang-based electronics manufacturing solutions provider Cnergenz Bhd has entered into an underwriting agreement with UOB Kay Hian Securities (M) Sdn Bhd for its upcoming initial public offering (IPO) on Bursa Malaysia’s ACE Market.
In a statement, Cnergenz said the IPO exercise involves the public issue of 100 million issue shares and an offer for sale of 50 million offer shares by way of private placement.
From the public issue, 25 million issue shares will be made available for application by the Malaysian public, 10 million shares will be allocated for application by eligible directors and employees as well as persons who have contributed to the success of the group (eligible persons).
Meanwhile, 52.75 million shares will be reserved for private placement to identified investors and 12.25 million shares will be reserved for private placement to identified bumiputera investors approved by the Ministry of International Trade and Industry.
Cnergenz chief executive officer Lye Yhin Choy said the listing will enable the group to strengthen its name as a leading electronics manufacturing solutions provider in Malaysia while deepening its presence in Thailand and Vietnam, countries that are benefiting from strong investment flows into the electronics and semiconductor industries.
The company said it is targeting to launch its prospectus in April 2022.
Cnergenz specialises in surface mount technology manufacturing solutions for the electronics and semiconductor industries. It mainly serves electronics and semiconductor companies that carry out the assembly of advanced semiconductor packaging products as well as assembly and testing of printed circuit board assembly.
Source: The Edge Markets