KUALA LUMPUR (May 27): UWC Bhd has signed an underwriting agreement with Hong Leong Investment Bank Bhd (HLIB), the principal adviser and placement agent for the former's upcoming initial public offering (IPO) exercise.

The group, which is involved in the provision of precision sheet metal fabrication and value-added assembly services, had last month received the Securities Commission Malaysia (SC)'s approval for the public issue of 70 million new UWC shares and an offer for sale of 33.015 million existing UWC shares.

Out of the total public issuance, HLIB is the underwriter for 23 million shares.

"We are enthusiastic to commence the next chapter of our corporate journey. This event symbolises a major milestone for us and propels us one step closer to be a listed company.

"We aim to further entrench our position as a major precision sheet metal fabrication player not only locally but in the international markets as well, undertaking bigger and more complex projects," said UWC executive director and group chief executive officer Datuk Ng Chai Eng.

"We are also pleased to have HLIB on board as our principal adviser, underwriter and placement agent, and we thank them for their confidence in us," he added.

HLIB group managing director and chief executive officer said the bank is pleased to play a role in UWC's listing.