Advance Technologies Asia names underwriter for planned ACE Market listing
Its draft prospectus showed outstanding orders of RM122 million, with data centres accounting for more than half.
Advance Technologies Asia Bhd has chosen Malacca Securities Sdn Bhd to underwrite its planned ACE Market IPO. The mechanical and electrical engineering contractor did not specify when the flotation would take place.
Managing director Ong Keng Yong said the funds raised would go towards enlarging project teams and purchasing additional equipment. Those investments would enable the contractor to carry out more contracts simultaneously, he said.
A draft prospectus published in July put the Selangor-based company’s outstanding orders at RM122 million. More than half involved data centres. The company also serves customers in telecommunications, horticulture farms and building facilities.
Ong said Advance Technologies Asia was preparing its operations and maintenance services for longer-term demand as completed data centres enter the maintenance stage, seeking to build recurring revenue.
Five shareholders will offer existing shares for sale alongside the IPO. The sellers include Ong and executive director Chew Tee Kai, as well as substantial shareholders Mok Chan Sing, Chai Jinq Kang and Kuan Shong Wei. The latter three will each reduce their holdings to under 5%.
Beyond underwriting, Malacca Securities will handle the placement and act as principal adviser and sponsor.
