QES appoints M&A Securities to handle IPO

PETALING JAYA: QES Group Bhd has signed an underwriting agreement with M&A Securities Sdn Bhd in conjunction with its initial public offering (IPO) exercise to list on the ACE Market of Bursa Malaysia by first quarter of 2018.

QES is principally involved in the distribution of inspection, test and measurement equipment, materials and engineering solutions. It also manufactures optical inspection equipment, automated handling equipment as well as advanced wafer measurement system.

In a statement today, QES said M&A Securities will act as the group's adviser, sponsor, underwriter and placement agent for the IPO.

Pursuant to the underwriting agreement, M&A Securities will underwrite a total of 47.18 million new shares made available for the Malaysian Public and its eligible directors and employees.

The IPO exercise involves the issuance of 151.66 million new shares in QES representing 20% of the enlarged share capital.

Of the 151.66 million new shares, 37.92 million new shares will be made available to the Malaysian public via balloting; 9.27 million new shares for its eligible directors and employees while the remaining 104.48 million new shares are earmarked for private placement to selected investors.

As part of its listing exercise, the existing shareholders of the company will also make an offer for sale of 75.83 million shares to selected Bumiputera investors approved by MITI by way of private placement.