PENANG: TT Vision Holdings Bhd (TTVHB), principally involved in the development & manufacturing of machine vision equipment and provision of related products and services, has obtained the approval from Bursa Malaysia Securities Bhd (Bursa Securities) to list on the ACE Market of Bursa Securities.
TT Vision will hold an initial public offering (IPO) exercise comprising a public issue of 84.5 million new shares, representing approximately 18.06% of its enlarged issued share capital upon listing. 23.4 million of this 84.5 million new shares or 5% will be made available for application by the Malaysian public of which at least 50% is to be set aside strictly for bumiputera public investors while 18.1 million shares or 3.87% will be made available for application by eligible directors, employees and persons who have contributed to the success of the group. The remaining 43 million shares or 9.19% will be made available by way of private placement to selected investors.
An offer for sale of 10.5 million existing shares, equivalent to approximately 2.24% of the enlarged issued share capital, will be made available via private placement to selected investors through the sole placement agent, KAF Investment Bank Bhd.
“We are glad to receive approval for our listing on the ACE Market of Bursa Securities. With the increase in global demand for semiconductors with the mass production of electric vehicles, and the increasing adoption of solar energy as an alternative source of energy. We believe that the machine vision equipment manufacturing industry particularly in relation to the inspection of optoelectronics, integrated circuits and solar cells will be benefited,“ said TT Vision CEO Goon Koon Yin.
“The approval to list on the ACE Market of Bursa Securities allows us to embark on our next phase of growth, and we believe that the IPO exercise will help us further solidify our footing in the machine vision equipment industry,” he added.
KAF Investment Bank Bhd is the principal adviser, sponsor, sole underwriter and sole placement agent for this IPO exercise.