(From left) M&A Securities Sdn Bhd deputy head of corporate finance Danny Wong, Reach Ten Holdings Bhd executive director Lu Pak Lim and managing director Leo Chin, M&A Equity Holdings Bhd MD Datuk Bill Tan, M&A Securities head of corporate finance Gary Ting and associate director Lee Yoke Wah at the underwriting agreement signing ceremony on Wednesday. Reach Ten provides satellite communication, fibre optic networks, telecommunications infrastructure, and managed services.
KUALA LUMPUR (March 5): Reach Ten Holdings Bhd, a telecommunications provider based in Sarawak, has signed an underwriting agreement with M&A Securities for its initial public offering (IPO) on Bursa Malaysia's Main Market, set for May 2025.
The IPO includes 200 million new shares, representing 20% of Reach Ten's enlarged share capital, and 100 million existing shares, representing 10%.
M&A Securities will underwrite 75 million new shares for the Malaysian public, eligible directors, employees, and contributors to the company.
The remaining 125 million shares will go to selected Bumiputera investors approved by the Ministry of Investment, Trade and Industry.
The 100 million existing shares up for sale will be offered through private placement to selected investors.
The funds raised will help Reach Ten expand its telecommunications infrastructure in Sarawak, supporting state initiatives to improve 4G and 5G coverage, especially in rural areas.
A unit under the group, Reach Ten Communication Sdn Bhd, is an authorised reseller of Starlink in Malaysia and the region, following the signing of an agreement with SpaceX.
Reach Ten provides satellite communication, fibre optic networks, telecommunications infrastructure, and managed services.
It is licensed under the Communications and Multimedia Act 1998 as a network facilities provider, network service provider and application service provider to offer a full suite of connectivity solutions.
The company’s revenue jumped 112.0% to RM182.3 million in the financial year ended Dec 31, 2023 (FY2023), from RM86.0 million reported in FY2021, registering a two-year compound annual growth rate of 45.6%.
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