From left: CIMB Investment Bank deputy CEO Nor Mazliza Sulaiman, ITMAX System non-independent non-executive director Tan Sri Tan Boon Hock, managing director and CEO William Tan Wei Lun, Maybank Investment Bank head of investment banking and advisory Kevin Davies and AmInvestment Bank head of corporate finance Ho Weng Yew
KUALA LUMPUR: ITMax System Bhd
has inked an underwriting agreement wtih Maybank Investment Bank Bhd, CIMB Investmet Bank Bhd and AmInvestment Bank Bhd en route to its listing on the Main Market of Bursa Malaysia.
The group, which is principally involved in the supply and installation and provision of public space networked systems, said the initial public offinerg (IPO) involves an offer for sale of 129.45 million shares and a public issue of 190.55 million shares.
Of the IPO shares, it said there will be an institutional offering of up to 289.16 million shares representing 28.13% of the group's enlarged issue shares, of which 128.5 million shares will be for Bumiputera investors while 160.66 million shares will be offered to institutional and selected investors.
ITMAX System said another 30.84 million shares, representing three per cent of the enlarged issued shares, would be for retail offering of which, 10.28 million would be reserved for the directors, employees and persons who have contributed to the success of the group and another 20.56 million shares would be reserved for application by the Malaysian public via balloting.
Managing director and CEO William Tan Wei Lun said in a statement that ITMAX System has come a long way since its days as a mechanical and electrical engineering company.
"We believe that the IPO will provide us with the platform to replicate our proven business model for the expansion of our smart city applications to federal ministries and to other states and territories within Malaysia, our R&D capabilities and into the enterprise market, where we aim to grow our footprint and diversify our markets.
“I would like to also extend my deepest appreciation to Maybank Investment Bank, CIMB Investment Bank and AmInvestment Bank for their support in our listing exercise,” he added.
