KUALA LUMPUR: TT Vision Holdings Bhd (TTVHB) has received Bursa Malaysia's approval to list on the ACE Market.
Chief executive officer Goon Koon Yin said the ACE Market approval allows the company to embark on the next growth phase.
"We believe that the initial public offering (IPO) will help us further solidify our footing in the machine vision equipment industry," he said in a statement.
Goon said the company had seen an increase in global demand for semiconductors with the mass production of electric vehicles and the increasing adoption of solar energy as an alternative energy source.
He believes that the machine vision equipment manufacturing industry, particularly concerning the inspection of optoelectronics, integrated circuits and solar cells, will be benefited.
TTVHB's IPO will comprise a public issue of 84.50 million new shares, representing approximately 18.06 per cent of its enlarged issued share capital upon listing.
Out of the 84.50 million new shares, 23.40 million or 5.00 per cent will be made available for application by the Malaysian public.
From this, at least 50.00 per cent is to be set aside strictly for Bumiputera public investors, while 18.10 million shares or 3.87 per cent will be made available for application by eligible directors, employees and persons who have contributed to the success of the company.
The remaining 43.00 million shares, or 9.19 per cent, will be made available through private placement to selected investors.
An offer for sale of 10.50 million existing shares, equivalent to approximately 2.24 per cent of the enlarged issued share capital, will be made available via private placement to selected investors through the sole placement agent, KAF Investment Bank Bhd.
KAF is the principal adviser, sponsor, sole underwriter and sole placement agent for this IPO exercise.