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KUALA LUMPUR (May 3): In conjunction with its upcoming initial public offering (IPO) on the ACE Market of Bursa Securities, building and infrastructure construction services provider Nestcon Bhd has signed an underwriting agreement with M&A Securities Sdn Bhd. The company’s IPO exercise entails a public issue of 161 million new shares and an offer for sale of 32.2 million existing shares by way of private placement, according to its statement today. Under the agreement, M&A Securities will underwrite 64.4 million of the 161 million new shares, comprising portions to be made available for the Malaysian public as well as eligible directors, employees and persons who have contributed to the success of the group.
Datuk Bill Tan, managing director of corporate finance of M&A Securities Sdn Bhd (left) and Datuk Dr Lim Jee Gin, group managing director of Nestcon Bhd after the signing of the underwriting agreement on Monday, May 3, 2021 for the construction company's proposed listing on the ACE Market. KUALA LUMPUR: Construction company Nestcon Bhd is offering 161 million new shares and also placing out 32.20 million existing shares as it seeks to list on the ACE Market of Bursa Malaysia. The company said on Monday the 161.0 million new shares represented 25.0% of the group’s enlarged total number of shares. Under the agreement, M&A Securities Sdn Bhd will underwrite 64.4 million of the 161 million new shares, comprising portions to be made available to the Malaysian public as well as eligible directors, employees, and persons who have contributed to the success of the group.