Listing Sought: ACE Market
Issue Price: RM0.16
Offer Period Open: 21 Jun 2019
Offer Period Close: 8 Jul 2019
Tentative listing date: 17 Jul 2019
Number of shares:
Public Issue: 244,296,000
Offer for Sale: 122,148,000
Private Placement: 293,155,000
Stock Code: ISTONE
INITIAL PUBLIC OFFERING IN CONJUNCTION WITH THE LISTING OF I-STONE GROUP BERHAD ("i-STONE" OR THE "COMPANY") ON THE ACE MARKET OF BURSA MALAYSIA SECURITIES BERHAD ("BURSA SECURITIES") COMPRISING:
(I) PUBLIC ISSUE OF 244,296,000 NEW ORDINARY SHARES ("SHARES") IN THE FOLLOWING MANNER:
61,074,000 NEW SHARES AVAILABLE FOR APPLICATION BY THE MALAYSIAN PUBLIC;
12,215,000 NEW SHARES AVAILABLE FOR APPLICATION BY ELIGIBLE DIRECTORS AND EMPLOYEES;
48,859,000 NEW SHARES BY WAY OF PRIVATE PLACEMENT TO SELECTED INVESTORS; AND
122,148,000 NEW SHARES BY WAY OF PRIVATE PLACEMENT TO IDENTIFIED BUMIPUTERA INVESTORS APPROVED BY THE MINISTRY OF INTERNATIONAL TRADE AND INDUSTRY, MALAYSIA
(II) OFFER FOR SALE OF 122,148,000 EXISTING SHARES BY WAY OF PRIVATE PLACEMENT TO SELECTED INVESTORS,
AT AN ISSUE/OFFER PRICE OF RM0.16 PER SHARE, PAYABLE IN FULL UPON APPLICATION.
i-Stone Group Berhad, an investment holding company, designs, manufactures, and modifies specialized automation machines used in automating manufacturing processes in Malaysia, Singapore, and Indonesia. It operates in two segments, Manufacturing Automation, and Complementary Products and Services.
The company also provides maintenance and technical support services for its specialized automation machines; and data management system used for monitoring and controlling of manufacturing processes. In addition, it designs and fabricates metal frames, panels, and precision parts; and distributes manufacturing automation hardware and software. The company was founded in 2007 and is headquartered in Senai, Malaysia.
Address & Contact:
12-2, Jalan Persiaran Teknologi, Taman Teknologi Johor
81400 Senai, Johor, Malaysia
Phone: +607 595 5545
Fax: +607 595 5543
News: i-Stone Group to offer over 244m new shares in ACE Market listing
i-Stone Group Bhd, which is involved in the manufacturing automation business segment, will offer 244.29 million new shares for sale as it seeks to list on the ACE Market,
The company said on Wednesday that of the 244.29 million shares represent 20.0% of the enlarged issued and paid-up share capital.
Of the total, i-Stone said 61.07 million units would be offered to the public, 12.21 million shares for eligible directors and employees, 122.14 million shares for approved bumiputera investors and the remaining 48.86 million shares would be placed out.
Additionally, as part of its listing exercise, the shareholders would offer for sale 122.14 million existing shares to selected investors by way of private placement.
i-Stone provides maintenance and technical support services for its specialised automation machines and provision of data management system (DMS) used for monitoring and controlling of manufacturing process. It also designs and fabricates metal frames, panels and precision parts, and also distributes manufacturing automation hardware and software.
I-Stone signed an underwriting agreement with M&A Securities Sdn Bhd on Wednesday. i-Stone was represented by managing director, Rebecca Tee Sook Sing and executive director Chin Chung Lek while M&A Securities was represented by managing director of corporate finance, Datuk Bill Tan and executive director Goh Hock Jin.
M&A Securities will underwrite 73.29 million new shares comprising of 61.07 million shares offered to the public and 12.21 million shares made available to directors and employees.
Tee said i-Stone Group has grown by leaps and bounds in the past 12 years since our inception. We have expanded our in-house capabilities for our manufacturing automation activities, which has led to the establishment of our business model that enables us to control the quality and production lead time as well as provides flexibility to design and manufacture our specialised automation machines.
“We operate a business model that integrates our in-house expertise and capabilities as our competitive advantage. This allows us to customise our specialised automation machines to suit the specifications and solutions required by our customers.
"In addition, we are also involved in the distribution of manufacturing automation hardware and software, namely Minitab Inc.’s statistical analysis software, Digi International’s wireless telecommunication devices and Universal Robots’ robotic arms,” she added.
Commenting on the IPO exercise, Tan said the company’s proven track record, management experience, technical know-how and industry knowledge coupled with its long business relationship with customers and suppliers will contribute to its steady growth.
The listing will undoubtedly put i-Stone in a favourable position to capture future growth opportunities in the specialised machinery and equipment industry. i-Stone has been involved in the manufacturing automation business segment for more than 12 years and I am confident of their potential.”
Tee said i-Stone has a wide portfolio of customers including manufacturers of home appliances, industrial products, automotive parts and components and automotive vehicles.
“We are currently servicing notable names in the electrical & electronics industry. Additionally, in line with the group’s growth strategy, we have recently centralised all operations at our manufacturing facility in Taman Teknologi, Johor to improve overall efficiency and productivity,” she said.
Proceeds from the IPO would be used for its process and product development, repayment of bank borrowings, construction of a new design and development centre at its existing operations centre in Taman Teknologi, Johor.
It would also use the proceeds to purchase of new machinery and software to enhance its manufacturing capabilities, purchase of new robotic arms, funding its working capital requirements as well as defraying listing expenses for the IPO.
-- The Star