KUALA LUMPUR (April 11): RHB Investment Bank Bhd signed an underwriting agreement with electronic-products manufacturer Salutica Bhd for the latter's planned initial public offering (IPO).

Salutica said in a statement today that it received approval from Bursa Malaysia for a listing on the ACE Market. The IPO will involve a public issue of 78 million new shares in Salutica and an offer for sale of 23 million existing shares.

"RHB IB (RHB Investment Bank) is the company’s principal adviser, sponsor, underwriter and placement agent throughout this IPO exercise," Salutica said.

Salutica is a contract manufacturer of electronic products like Bluetooth-based audio headset and smartwatch.

According to Salutica, the company also produces Bluetooth-enabled automotive accessories and consumer electronic devices, under the group's own brand FOBO.

Salutica managing director and chief executive officer James Lim said in the statement: “The appointment of RHB IB brings us another step forward in our listing process with their wealth of experience, which will be invaluable to the company, going forward.”