KUALA LUMPUR (Oct 22): Plastic powder manufacturer Polymer Link Holdings Bhd has signed an underwriting agreement with Hong Leong Investment Bank Bhd (HLIB) for its upcoming listing on the ACE Market of Bursa Malaysia.
Under the agreement, HLIB will underwrite 32.44 million shares comprising 28 million shares allocated to the Malaysian public and 4.44 million shares for eligible directors, senior management and employees via pink form allocations.
According to Polymer Link, its initial public offering (IPO) entails a public issue of 97.15 million new shares, representing 17.3% of its enlarged share capital of 560 million shares, and an offer for sale of 24.08 million existing shares or 4.3% of the enlarged capital via private placement to selected investors.
In total, the listing will result in a public float of 21.6% of Polymer Link’s enlarged share capital.
The IPO will see 28 million shares offered to the Malaysian public, equally split between Bumiputera and non-Bumiputera investors, while 4.44 million shares will be allocated to eligible persons. Another 64.71 million shares will be placed out to selected investors.
Executive vice-chairman, president and group CEO Koh Song Heng said the signing of the underwriting agreement marked “a pivotal milestone” in the group’s listing journey.
“With this IPO, we aim to scale our operations [and] expand our international presence through new distribution channels and regional capacity upgrades, including our planned entry into Poland and expansion in Australia and Southeast Asia,” Koh said in a statement on Wednesday (Oct 22).
“We believe our technical capabilities and customer-centric approach will continue to drive sustainable growth as we enter this exciting new chapter,” he added.
Polymer Link, which obtained Bursa Securities’ approval-in-principle for the listing on July 25, specialises in the formulation, compounding and grinding of plastic powder for general and speciality applications.
Established in 2011, the group serves customers across Malaysia, the Philippines, India, the US and Australia, producing plastic powders and colour masterbatch for rotational moulding applications used in products such as water tanks, cooler boxes and playground equipment.