Six months after delisting from LEAP Market, TT Vision obtains nod to list on ACE Market

Six months after delisting from LEAP Market, TT Vision obtains nod to list on ACE Market
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KUALA LUMPUR (Nov 15): Penang-based TT Vision Holdings Bhd (TTVHB) has obtained the approval from Bursa Securities to list on the ACE Market, six months after its delisting from the LEAP Market in May this year.

TTVHB, which is involved in the development and manufacturing of machine vision equipment and provision of related products and services, was previously listed on the LEAP Market on May 9, 2019.

In conjunction with its ACE Market listing, the company’s initial public offering (IPO) exercise will comprise a public issue of 84.5 million new shares, representing about 18.06% of its enlarged issued share capital upon listing.

Some 23.4 million or 5% of the 84.5 million new shares will be made available for application by the Malaysian public, of which at least 50% will be set aside strictly for Bumiputera public investors, while 18.1 million shares or 3.87% will be made available for eligible directors, employees and persons who have contributed to the success of the group.

The remaining 43 million shares or 9.19% will be made available by way of private placement to selected investors.

Meanwhile, an offer for sale of 10.5 million existing shares, equivalent to about 2.24% of the enlarged issued share capital, will be made available via private placement to selected investors through the sole placement agent, KAF Investment Bank Bhd.

In a statement on Tuesday (Nov 15), TTVHB chief executive officer Goon Koon Yin noted that the approval to list on the ACE Market allows the group to embark on its next phase of growth, solidifying its footing in the machine vision equipment industry.

“With the increase in global demand for semiconductors, the mass production of electric vehicles and the increasing adoption of solar energy as an alternative source of energy, we believe the machine vision equipment manufacturing industry — particularly in relation to the inspection of optoelectronics, integrated circuits and solar cells — will benefit,” he said.

KAF Investment Bank is the principal adviser, sponsor, sole underwriter and sole placement agent for this IPO exercise.

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Lee Weng Khuen