KUALA LUMPUR, Aug 2, 2021 – (ACN Newswire) – CEKD Berhad (“CEKD” or the “Company”), a die-cutting solutions provider as well as manufacturer of die-cutting moulds and trader of related consumables, tools and accessories, has on even date signed an underwriting agreement with M&A Securities Sdn Bhd (“M&A Securities”). This underwriting agreement is a precursor to the upcoming initial public offering (“IPO”) of the Company on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Securities”) that will take place in September 2021.
|L-R: M&A Securities Head of Corporate Finance Mr. Gary Ting; M&A Securities Managing Director of Corporate Finance Datuk Bill Tan; CEKD Managing Director Ms. Yap Kai Ning; CEKD Deputy Executive Chairman Mr. Yap Tian Tion|
As reported in the prospectus exposure on the Securities Commission’s website, CEKD’s IPO entails a proposed public issue of 50.59 million shares where 9.73 million shares will be made available for application by the Malaysian public. An additional 9.73 million will be allocated to eligible directors, employees, and contributors to the Company; another 6.81 million shares will be reserved for private placement to selected investors and 24.32 million shares will be reserved for private placement to Bumiputera investors approved by the Ministry of International Trade and Industry (MITI).
Under the agreement, M&A Securities will underwrite 19.46 million of the total proposed issue of shares allocated to the Malaysian public or through pink forms. The balance of 31.13 million issue shares available for application by Bumiputera investors approved by MITI and selected investors will not be underwritten and will be placed out by the M&A Securities.
Managing Director of CEKD Berhad, Ms. Yap Kai Ning said, “The signing of the underwriting agreement brings us closer towards our goal of taking CEKD public through an IPO. As one of the leading custom die-cutting solutions providers in Malaysia, we believe that this will be extremely beneficial for CEKD in strengthening and solidifying our position in the industry from an operational and financial standpoint.”
Managing Director of Corporate Finance of M&A Securities, Datuk Bill Tan said, “We are honoured to have been a part of CEKD’s journey towards listing on the ACE Market of Bursa Securities. We want to extend our appreciation for having been appointed as CEKD’s Adviser, Sponsor, Sole Underwriter and Placement Agent of the IPO. The Company has come a long way since its inception, and we are proud to have been a part of this important milestone in its history. This IPO marks another impressive achievement for the Company, and we wish them all success and the best.”
CEKD’s principal market is mainly from Malaysia which contributed 85.6% of the overall revenue in the financial year ended 31 August 2020. CEKD’s customers are mainly from the paper printing and packaging, electrical and electronics, automotive, plastic packaging, textile and leather industries.
Source: CEKD Berhad
Sectors: Daily Finance, Local Biz
From the Asia Corporate News Network
Copyright © 2021 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.