KUALA LUMPUR (Aug 21): Crest Group Bhd, which is set to debut on the ACE Market, has signed an underwriting agreement with MIDF Amanah Investment Bank Bhd for its initial public offering (IPO).
Crest Group, a local provider of imaging, analytical and test solutions, is issuing 130.71 million new ordinary shares for its IPO. In addition, there is an offer for sale of 103.98 million shares by existing shareholders, according to a statement by Crest on Wednesday.
The offer price is not known yet.
Under the underwriting agreement, MIDF Investment will underwrite 56.26 million shares, which will be offered to the Malaysian public through balloting, as well as eligible directors and employees.
Out of the 130.71 million new shares, 43.28 million will be offered to the Malaysian public via balloting, 12.98 million new shares will be allocated to eligible directors and employees, and the remaining 74.44 million new shares will be set aside for identified Bumiputera investors approved by the Ministry of Investment, Trade and Industry (Miti) through private placement.
Crest and its subsidiaries are primarily involved in providing imaging, analytical and test solutions for quality inspection, sample analysis, and research and development (R&D) across various industries.
The group also offers after-sales technical support and maintenance, with business operations and offices located in Malaysia, China, Thailand and Singapore.
Proceeds from the IPO will fund business expansion, including the purchase of new equipment, team growth, a new headquarters in Malaysia, and the opening of new offices in China, Thailand and Vietnam.
MIDF is serving as the principal adviser, sponsor, underwriter and placement agent for the IPO.
Crest’s group managing director Lim Siong Wai said with over 20 years of experience, the group has gained significant industry knowledge and technical expertise to help customers improve quality inspection and operational efficiency.
“This underwriting agreement marks a significant milestone in our IPO journey. We believe that the listing will not only allow us to better serve our existing and potential clients, but also enhance the credibility of our group as we continue to expand in existing and new markets.
“In addition, we hope to retain and attract new talent to drive our future business expansion,” Lim added.