KUALA LUMPUR: Infoline Tec Group Bhd has entered into an underwriting agreement with MIDF Amanah Investment Bank Bhd in conjunction with its upcoming initial public offering (IPO) on the ACE Market of Bursa Malaysia Securities Bhd.

       The information technology (IT) infrastructure and cybersecurity solutions specialist is set to be listed on the ACE Market of Bursa Securities by July 2022.

       Infoline Tec chief executive officer Choo Wei Chuen said the listing exercise would enable the group to expedite its expansion plans and raise its corporate stature aimed at expanding its customer base.

       "This signing of underwriting agreement with MIDF Investment Bank has brought us one step closer to become a public listed entity on Bursa Securities,” he said in a statement today.

       Infoline Tec’s IPO comprises a public issuance of 74.00 million new shares, representing 20.38 per cent of the enlarged shares, as well as an offer for sale of 22.25 million existing shares, representing 6.12 per cent of the enlarged shares by way of private placement to selected investors.

       Under the underwriting agreement, the investment bank will underwrite 26.43 million new shares, comprising the retail portion for the Malaysian public and Pink Form Allocations.

       Infoline Tec is an investment holding company while its subsidiaries are principally involved in providing IT infrastructure solutions, cybersecurity solutions, managing IT and other IT services, and trading of ancillary hardware and software.

       With operations in Malaysia and China, the group’s customers encompass local and multinational companies that are based in the Asia Pacific region. - Bernama