KUALA LUMPUR (April 15): Ipoh-based bus manufacturer Bus Cap Bhd has signed an underwriting agreement with TA Securities for its proposed listing on the ACE Market.
TA Securities will underwrite the portion of shares allocated to the Malaysian public and the eligible persons, Bus Cap said in a statement on Wednesday. No timeline was given, though a company must complete its listing within six months of approval from the exchange announced earlier this month.
“With the underwriting structure now firmly in place, we are fully focused on preparing for the prospectus launch, while laying the groundwork for our operational expansion,” said Bus Cap executive director Bernard Ng Chong Yan.
Bus Cap offers a range of buses, including single-deck, semi-high deck, high-deck and double-deck models, catering to applications such as stage, express, tour and shuttle services.
For the financial year ended Dec 31, 2024, the group posted a net profit of RM6.9 million on revenue of RM56.4 million, driven by strong demand for higher-capacity buses, particularly semi-high deck models.
Proceeds from the IPO will be used for expansion initiatives, including the development of a new production facility, investments in semi-automated fabrication technologies, and working capital to support its growing order book.
The IPO will also raise cash for NCS Consolidated Holding Sdn Bhd, a private vehicle of the Ng family, through an offer for sale of existing shares.
TA Securities is the principal adviser, sponsor, underwriter and placement agent for the IPO.