KUALA LUMPUR: Enterprise information technology solutions company Vetece Holdings Bhd, has received the nod from Bursa Malaysia Securities Bhd to list on the ACE Market.
Vetece's initial public offering (IPO) entails a public issuance of 98.0 million new ordinary shares, and an offer for sale of 39.2 million existing shares.
This represents a total of 35 per cent of its enlarged issued share capital of 392.0 million ordinary shares.
Vetece group chief executive officer and executive director Chan Wai Hoong said the company established a robust track record in providing IT solutions to large enterprises such as government-linked companies and multinational corporations, majority being in the telecommunications and financial services industries.
"We take pride in our ability to deliver projects to numerous large organisations, demonstratingour capabilities in implementing large-scale and centralised IT solutions, standardising and streamlining processes across subsidiaries and branches in different locations."Listing on the ACE Market will allow the group to access the equity capital market, raising funds to accelerate the next phase of our business growth. With the listing proceeds, Vetece can strengthen its position in the enterprise IT services industry with enhanced financial flexibility and operational capabilities," said Chan.
Vetece is an Oracle Malaysia Partner and has developed a long-standing relationship with Oracle.
It has enabled the company to build expertise in delivering enterprise application integration, single sign-on (SSO) management, enterprise data engineering and analytics, enterprise customer relationship management (CRM), and both on-premises and cloud infrastructure solutions on Oracle technology platforms.
Vetece also works with six other global technology partners and vendors, including WSO2 and Salesforce to deliver a wide range of advanced technology solutions.
Vetece targets to be listed by the third quarter of 2024.
Kenanga Investment Bank Bhd is the principal adviser, sponsor, underwriter and placement agent for the IPO.