KUALA LUMPUR (Nov 2): One-stop electronics manufacturing service (EMS) provider NationGate Holdings Bhd has received Bursa Malaysia Securities Bhd’s approval to list on the ACE Market.

In a statement on Wednesday (Nov 2), the company said the initial public offering (IPO) entails a public issue of 435.5 million new shares in NationGate, representing 21% of the enlarged share capital.

It said out of the shares allocated for the public issue, 103.7 million new shares will be made available to the Malaysian public via balloting, followed by 103.7 million new shares for eligible directors and employees under pink form allocations, while the remaining 228.1 million new shares are earmarked for private placement to selected investors.

NationGate said that as part of the listing exercise, existing shareholders of the company will also make an offer for sale of 290.4 million shares by way of private placement to selected investors.

NationGate managing director Ooi Eng Leong said the approval for the listing is a significant milestone in the company’s journey to become a listed entity.

“Our proposed listing plan serves to fortify our financial strength for reinvestment in technological capabilities, as well as building and retaining a talented workforce in the dynamic ever-changing technological landscape in the EMS environment.

“It will also enable us to raise funds we need to purchase additional machineries and equipment to further expand our surface mount technology assembly capacity, and enhance our production efficiency, in line with increased demand from our group’s existing and new customers,” he said.

NationGate is scheduled to list on the ACE Market by January.

M&A Securities Sdn Bhd is the adviser, sponsor, underwriter and placement agent for the IPO.