Source: The Star
VETECE Holdings received Bursa Malaysia approval to list on the ACE Market. The company said that based on its draft prospectus, its initial public offering (IPO) entails a public issuance of 98 million new ordinary shares and an offer for sale of 39.2 million existing shares.
This represents 35 per cent of VETECE’s enlarged issued share capital of 392 million ordinary shares, it said in a statement today.
Barring unforeseen circumstances, VETECE aims to be listed by the third quarter of 2024, with Kenanga Investment Bank Bhd serving as the principal adviser, sponsor, underwriter, and placement agent for the IPO.
Established in 2003, VETECE, through its subsidiaries Vision Technology Consulting Sdn Bhd and Vision Technology Consulting Pte Ltd, offers a comprehensive range of enterprise IT solutions encompassing implementation services, maintenance, support and professional services, as well as hardware and software resale.
Group chief executive officer and executive director Chan Wai Hoong said the listing will allow the company to access the equity capital market, raising funds to accelerate the next phase of business growth.
"With the listing proceeds, VETECE can strengthen its position in the enterprise IT services industry with enhanced financial flexibility and operational capabilities,” he said.
Chan said that over the past 20 years, the company has established a robust track record in providing IT solutions to large enterprises such as government-linked companies and multinational corporations, the majority being in the telecommunications and financial services industries.
VETECE’s extensive IT solutions cater to various industries, including telecommunications, financial services, technology, manufacturing, higher education, distribution, the public sector, automotive, and utilities. - Bernama
