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NationGate obtains Bursa Malaysia's approval for ACE market listing

KUALA LUMPUR: Electronics manufacturing services (EMS) provider NationGate Holdings Bhd (NHB) has received Bursa Malaysia's approval to list on the ACE Market.

Managing director Ooi Eng Leong said the approval for the listing is a significant milestone in the company's journey to becoming a listed entity.

"Our listing plan serves to fortify our financial strength for reinvestment into technological capabilities as well as build and retain a talented workforce in the dynamic, ever-changing technological landscape of the EMS environment.

"It will also enable us to raise funds we need to purchase additional machinery and equipment to expand further our surface mount technology (SMT) assembly capacity and enhance our production efficiency in line with the increased demands from our group's existing and new customers," he said in a statement today.

The company's initial public offering (IPO) entails a public issue of 435.5 million new shares in NHB, representing 21 per cent of the enlarged share capital.

Out of the shares allocated for the public issue, 103.7 million new shares will be made available to the Malaysian public via balloting.

Besides that, 103.7 million new shares will be made available for its eligible directors and employees, as well as those who have contributed to the success of NHB under the Pink Form Allocations, while the remaining 228.1 million new shares are earmarked for private placement to selected investors.

As part of its listing exercise, the company's existing shareholders will also make an offer for sale of 290.4 million shares by way of a private placement to selected investors and Bumiputera investors approved by the Ministry of International Trade and Industry.

NHB is scheduled to list on the ACE Market of Bursa Malaysia by January 2023.

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

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