KUALA LUMPUR (Dec 9): One Gasmaster Holdings Bhd, which provides environmental monitoring, gas detection and gas piping services, entered into an underwriting agreement on Tuesday with Malacca Securities Sdn Bhd in conjunction with its initial public offering (IPO) on the ACE Market of Bursa Malaysia.

Malacca Securities will underwrite 18.6 million shares, comprising 15.5 million shares that will be made available to the Malaysian public via balloting, and 3.1 million shares made available to eligible directors and employees, said One Gasmaster in a statement.

They form part of the public issue of 77.5 million new shares, including 20.15 million shares designated for private placement to selected investors, and 38.75 million shares made available to selected Bumiputera investors approved by the Ministry of Investment, Trade, and Industry.
           
The IPO also includes an offer for sale of 15.5 million existing shares.

One Gasmaster, which also provides industrial hygiene services, said the gross proceeds from the IPO will be used for the expansion of the its service offerings to include emission control solutions, the establishment of an additional calibration laboratory at its Damansara office, and the setup of new branch offices and calibration laboratories in Johor, Terengganu and Penang.

“Over the past two decades, we have built a strong reputation as a trusted solutions provider in environmental monitoring, gas detection, and industrial hygiene,” said its managing director Ivan Tan.

Malacca Securities is also the principal adviser, sponsor and placement agent for the IPO.