PETALING JAYA: iCents Group Holdings Bhd is seeking to list on the ACE Market of Bursa Malaysia, according to its draft prospectus.
The company, which provides comprehensive cleanroom services, said it intends to utilise proceeds from its initial public offering (IPO) for the purchase of machinery and equipment, business expansion, product development, marketing activities and working capital.
“We plan to set up the new warehouse close to our Mantin factory (Negri Sembilan) to increase our capacity to store materials and finished products.
“We plan to set up the warehouse in rented premises with a built-up area of approximately 20,000 sq ft that has all of the required regulatory approvals.
“We will carry out renovation works to make the premises suitable for our usage.”
The group said it plans to install a new computer numeric controlled laser cutting machine, automated adhesive dispensing system, aluminium honeycomb cutting machine, press tables, tapping machines and cordless panel cutter in its Mantin factory.
The company said the factory is currently being used to store input materials and finished products.
“Thus, the new warehouse will be required to store our input materials and finished products.
“We will also install the new ductwork forming machine at the new warehouse,” it added.
Additionally, the company said it plans to hire 15 additional engineers to expand on its in-house engineering capabilities to support project implementation for its cleanroom services and other facility services, as well as its in-house manufacturing operations.
The group also said it plans to set up a new sales and technical support office and warehouse in Jakarta, Indonesia to provide an operational base to grow its business in this country.
“In this respect, we are planning to incorporate a new subsidiary in Indonesia and to recruit two engineers, one storekeeper and one administrative personnel to be based in Indonesia.
“We plan to rent an existing premises with a built-up area of approximately 2,000 sq ft as the new office and warehouse in Jakarta. We will use this as an office and for the storage of goods.”
iCents Group’s IPO will entail a public issue of 112.5 million new ordinary shares.
Of this, 25 million new shares will be made available for application by the Malaysian public; while 10 million shares will be made available for application by eligible directors, employees and persons who have contributed to the success of iCents Group and its subsidiaries.
Additionally, 15 million new shares will be made available by way of private placement to selected investors.
Further, 62.5 million new shares will be made available for application by way of private placement to identified bumiputra investors approved by the Investment, Trade and Industry Ministry.
Meanwhile, there will be an offer for sale of 30 million existing shares in iCents Group by way of private placement to selected investors.
Alliance Islamic Bank is the principal adviser, sponsor, sole underwriter and placement agent of the IPO.
