After securing approval from Bursa Malaysia, Malacca-based Master Tec Group Bhd targets to list on the ACE Market by the first quarter of 2024.
Master Tec is a cable and wire manufacturer that is primarily involved in the manufacturing and distribution of a wide range of safe, quality and high-performance low voltage power cables, control and instrumentation cables and solar direct current power cables under its “Mastertec” trademark since 2009.
The group is also involved in the trading and distribution of a wide range of medium voltage power cables and fibre optic cables to cater for various end-user markets. Master Tec’s IPO entails the public offering of 285.6 million ordinary shares comprising a public issue of 158.1 million new shares and an offer for sale of 127.5 million existing shares which collectively represent 28.0% of the Group’s enlarged issued share capital of 1.02 billion ordinary shares.
Of the 158.1 million new shares, 51 million new shares will be made available for application by the Malaysian public; and 2.144 million new shares will be made available for application by eligible directors and employees of the group. The remaining 104.956 million new shares will be allocated for private placement to selected investors. There is also an offer for sale of 127.