M&A Securities to manage Yew Lee Pacific's listing exercise

M&A Securities to manage Yew Lee Pacific's listing exercise

KUALA LUMPUR, Apr 11, 2022 – – Yew Lee Pacific Group Bhd (Yew Lee) says it has entered into an underwriting agreement with M&A Securities today for the Company’s upcoming IPO on the ACE Market of Bursa Malaysia Securities Bhd.

The IPO exercise involves the public issue of 133.1 million shares and an offer for sale of 26.62 million shares to selected investors.

From the public issue, 26.62 million shares will be made available for application by the Malaysian public via balloting; 15.97 million shares will be allocated to its eligible directors and employees (pink forms); another 23.96 million shares will be reserved for private placement to selected investors and; an allocation of 66.55 million shares will be allocated through private placement to bumiputera investors approved by the Ministry of International Trade and Industry (MITI).

Under the underwriting agreement, M&A Securities will underwrite 42.59 million shares of the total proposed issue of shares allocated to the Malaysian public and through pink forms. M&A Securities will also place out 90.51 million issue shares to selected investors and bumiputera investors approved by MITI.

M&A Securities

Managing Director of Yew Lee, Mr Ang Lee Leong, says, “This underwriting agreement marks the first stage of the path towards our eventual successful listing on the ACE Market of Bursa Securities.

This listing will help us to raise the capital needed for our expansion plans while at the same time, boost our brand visibility in the industrial brush industry.”

Managing Director of Corporate Finance of M&A Securities, Datuk Bill Tan said, “Yew Lee has solid experience and expertise in the production of industrial brushes with a history that goes back to the early 1990s. It has come far but we have no doubt that Yew Lee will build upon this listing to excel even further. We wish the Company well as it enters a new stage in its growth.”

Yew Lee manufactures industrial brushes for a variety of industries, including glove, industrial, electrical and electronic, industrial and commercial cleaning providers as well as glass and wood producers.

For the financial year ended December 31, 2020 (FY2020), Malaysia contributed 81.4% of total revenue, with Thailand contributing 6.7% and Vietnam contributing 6.2%. By industry, glove manufacturers contributed 88% to revenue in FY2020.

Yew Lee Pacific Group Bhd (ACN Newswire) more @BusinessNewsMy