Sunday 17 Nov 2024
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KUALA LUMPUR (May 12): M&A Securities Sdn Bhd is one step closer to be a public listed company, as SYF Resources Bhd has signed an underwriting agreement with Malacca Securities Sdn Bhd to underwrite the open portion of its rights issue to raise RM62.58 million.

SYF, originally a furniture manufacturer, has disposed of its existing businesses, and will venture into the financial services industry via the acquisition of M&A Securities, in a reverse takeover exercise.

SYF on Jan 19 obtained its shareholders’ approval for the reverse takeover, which comprises multiple proposals, including a rights issue of 284.44 million new shares at 22 sen apiece.

In a statement on Friday (May 12), SYF said its shareholders under Insas Bhd had undertaken to subscribe for their full entitlement to the rights issue.

SYF executive director and M&A Securities managing director of corporate finance Datuk Bill Tan said the funds raised will allow M&A Securities to accelerate its growth path, as it pursues one of its key objectives, which is to grow its capacity and talent pool.

“This is in anticipation of rising demand for our capital market services, as M&A Securities continuously brings in fresh equity to the capital market via its steady pipeline of initial public offerings,” he said.

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