Smart Asia to issue 93.5mil shares, en route to ACE Market listing
KUALA LUMPUR: Smart Asia Chemical Bhd (Smart Asia) has signed an underwriting agreement with Mercury Securities Sdn Bhd for the company’s initial public offering (IPO) on the ACE Market of Bursa Malaysia Securities Bhd.

The IPO shall entail a public issuance of 93.5 million Smart Asia’s new shares, of which Mercury Securities will underwrite 30.59 million IPO shares.

Of the 30.59 million shares, 18.49 million will be allocated to the Malaysian public via balloting and 12.10 million will be allocated to eligible directors and employees as well as persons who have contributed to the success of Smart Asia and its subsidiaries.

The remainder of 46.23 million IPO shares will be allocated to Bumiputera investors approved by the

Ministry of Investment, Trade and Industry and 16.68 million IPO shares will be by way of private placement to selected investors.

Smart Asia managing director Goh Chye Hin said the signing of the underwriting agreement

symbolises a significant milestone in the company’s journey towards innovation and growth.

"Proceeds from the IPO will be utilised to partly finance the establishment of the Perak plant, including the construction plans as well as the purchase and commissioning of an automated paint production system,” he said in a statement today.

The remainder of the proceeds will be used for the purchase of 250 sets of Smart Colour POS Tinting Machines, as well as the company’s working capital and listing expenses.

"As we embark on this new chapter with the launch of the Perak plant, we are dedicated to advancing our operational and automation capabilities across our products and services towards an Industry 4.0 manufacturing plant,” he added.

Smart Asia is expected to be listed in the second quarter of 2024.

Goh said that Smart Asia is consistently upgrading to provide pioneering solutions that meet the changing needs of its stakeholders.

"With a talented team and a strong vision, as well as the prompt support given by Mercury Securities, we are poised to unlock new opportunities and create lasting value for our stakeholders,” he added.

Smart Asia is principally involved in the development, manufacturing, distribution and sale of a wide

range of decorative paints, protective coatings and paint-related products for both household and industrial applications. - Bernama
Markets,Smart Asia,ACE Market,Bursa Malaysia,capital market
KUALA LUMPUR: Smart Asia Chemical Bhd (Smart Asia) has signed an underwriting agreement with Mercury Securities Sdn Bhd for the company’s initial public offering (IPO) on the ACE Market of Bursa Malaysia Securities Bhd.