KUALA LUMPUR (Oct 28): Opcom Holdings Bhd, now known as Hextar capital Bhd (KL:HEXTAR), co-founder Eric Chhoa Kwang Hua is seeking to list fibre-optic cable protection materials manufacturer Unigel Global Bhd on Bursa Malaysia’s ACE Market to fund its Malaysian expansion.
Hikari Capital, which is majority-owned by Kwang Hua, acquired Unigel UK in 2014 and Unitape UK in 2017. Kwang Hua founded Unigel Group plc, now known as UGL, in February 2022.
UGL manufactures specialised gels and steel tapes used in fibre-optic cables and exports its products to more than 50 countries worldwide.
According to its draft prospectus on Bursa Malaysia’s website, Unigel Global plans to use part of the IPO proceeds to acquire a factory in Klang, Selangor, and install an additional production line.
The expansion is expected to increase its annual specialised gel production capacity in Malaysia by 57%, from 6,000 tonnes to 9,400 tonnes.
The company plans to acquire a ready-built factory with a land area of about 70,000 sq ft and a built-up area of 25,000 sq ft to accommodate its existing operations and the new production line.
The group currently operates four manufacturing and processing facilities, comprising three in the US and one in Malaysia.
Other planned uses of the IPO proceeds include establishing a technical centre in Malaysia, investing in an artificial intelligence-enabled management system, funding working capital and covering listing expenses.
Unigel Global plans to issue 110 million new shares, representing 22% of its enlarged share capital of 500 million shares. Of these, 25 million shares will be offered to the Malaysian public, 7.5 million to eligible directors and employees, and 77.5 million through private placement to selected investors.
The IPO price and total funds to be raised have yet to be determined.
Unigel Global supplies steel tapes and specialised gels that protect fibre-optic cables from physical damage and moisture. Its products are sold across the Americas, Europe, Asia-Pacific, the Middle East and Africa. The Americas accounted for 74.18% of its revenue in the financial year ended Dec 31, 2025 (FY2025).
For FY2025, net profit rose 56.4% to RM16.71 million from RM10.68 million in FY2024, while revenue increased 26.4% to RM216.55 million from RM171.34 million. Its net profit margin improved to 7.71% from 6.23%.
In FY2023, the group recorded a net profit of RM2.62 million on revenue of RM161.76 million.
Chhoa, 62, will remain the company’s substantial shareholder after the IPO through his holdings in Hikari Capital Ltd and shares held by his daughters, Marissa Chhoa Hsiu-Ling and Emile Chhoa Yin-Ling.
Hikari Capital, which is also owned by Kwang Hua’s wife, Dera Otsubo Chhoa, will hold a 32.42% stake, while Kwang Hua will have a deemed interest of 37.54%.
Datuk Mohamed Sharil Mohamed Tarmizi, 57, is also a promoter of the IPO and a non-independent non-executive director of Unigel Global. He previously served as the independent non-executive chairman of Opcom from July 2019 to April 2021. He joined Unigel UK’s board in January 2021, resigned in April 2024 and was reappointed in July 2024. He also serves as an independent non-executive director of U Mobile Holdings.
Sharil holds a 5.02% stake in Unigel Global after its pre-IPO restructuring, which is expected to decrease to 4.21% after the IPO.
M&A Securities Sdn Bhd is the principal adviser, sponsor, underwriter and placement agent for the IPO.