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KUALA LUMPUR: The Ministry of Science, Technology and Innovation (Mosti) hopes that the successful completion of the Bukit Jalil Global Acquisition 1 Ltd’s (Bujau) initial public offering (IPO) on the Nasdaq and raising aggregate gross proceeds of US$57.5 million (US$1 = RM4.54) will not only attract more investors to Malaysia but also serve as a blueprint for other technology companies in the country.
Science, Technology and Innovation Minister Chang Lih Kang said Mosti is fully dedicated to ensuring businesses, particularly tech-based Malaysian enterprises, receive the essential support and assistance they require to thrive in the global market.
“Our goal is to create an empowering ecosystem that addresses national issues, promotes societal well-being, and fosters sustainable development through effective global competition.
“We look forward to witnessing more Malaysian companies joining global exchanges and contributing to the growth and development of our economy,” he said in his speech at the SPAC-tacular BUJAU: The Bell Ceremony and Capital Market Summit here today.
Bujau, a special purpose acquisition company (SPAC), hosted a symbolic bell ceremony today to celebrate its successful IPO completion, raising aggregate gross proceeds of US$57.5 million after its closing on June 30, 2023.
Bujau was officially listed for trading on the Nasdaq Capital Market, opening with five million units on June 28, 2023.
Chang said that as a SPAC with the aspiration to invest in potential business ventures in Asia, including Malaysia, it holds immense potential in driving the growth of tech and innovative companies.
“Through strategic investment or merger and acquisition (M&A), Bujau can facilitate the expansion of these companies, providing them with the necessary resources and access to global markets,” he added.
Chang told reporters that he viewed Bujau as an example of a successful Malaysian company because they compete within the country or region and also in the global market.
“So I think it will really give a boost to the local startup environment,” he said.
Identifying opportunities in the US and Asia
Meanwhile, in a statement today, Bujau chief executive officer Neil Foo said the successful closing of the IPO on Nasdaq demonstrated confidence in Malaysia’s technological prowess and global ambitions.
“The listing enables us to showcase our capabilities to a broader global audience and bring together M&A opportunities both in the United States and Asia.
“Our M&A strategy is to focus on companies with a market value of more than US$200 million with high growth potential, and we are identifying opportunities in both the United States and Asia,” he said.
Bujau said that moving forward, it took taken into consideration the current geopolitical and economic developments around the world, such as the American Chips and Science Act, where investment strategies are implemented to attract new factories to manufacture semiconductors on American soil; the development of global China Plus One business strategies, as well as Taiwan, who are on track to diversify its manufacturing bases across Asia.
“With the business dynamic in Asia, while countries are actively focused on developing electric vehicles, the demand for chips follows suit, further accelerating our transition to AI (artificial intelligence) and Industry 4.0.
“This will create even more mergers and acquisition opportunities given the dense population and high growth potential in Asia,” Foo added. -Bernama