UWC inks underwriting deal with Hong Leong Investment

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KUALA LUMPUR: An integrated engineering supporting services provider, UWC Bhd yesterday inked an underwriting agreement with Hong Leong Investment Bank Bhd in conjunction with its initial public offering (IPO) on the Main Market of Bursa Malaysia Securities Bhd.

In a statement, UWC said the IPO involved the public issue of 70 million new shares and an offer for sale of 33.02 million existing shares.

“The company has received approval from the Securities Commission Malaysia to list its entire enlarged issued share capital of 366.8 million shares on the Main Market.

Hong Leong is the underwriter of the 23 million public issue shares that will be made available for application by the Malaysian public, as well as eligible directors and employees of UWC,” it said.

Meanwhile, UWC executive director/group chief executive officer Datuk Ng Chai Eng said the group aimed to further entrench its position as a major precision sheet metal fabrication player, not only locally but also at the international markets, undertaking bigger and more complex projects. — Bernama