KUALA LUMPUR (May 26): Globaltec Formation Berhad (formerly known as Temasek Formation Bhd) will be making its debut on the Main Market of Bursa Malaysia Securities Bhd on May 31, 2012.
In a statement May 25, Globaltec said a total of 5.27 billion shares would be quoted with a market capitalisation estimated at RM632.84 million based on the issue price of 12 sen per share.
The company said it had received approval from the Securities Commission of Malaysia and Bursa Securities for the registration of its prospectus on May 23.
Globaltec is a special purpose company established in Malaysia to facilitate the merger of three listed entities: namely, Jotech Holdings Bhd, AIC Corporation Bhd and AutoV Corporation Bhd.
With the merger completed, Globaltec and its subsidiaries will become an integrated manufacturing services solution provider offering multi-disciplinary manufacturing services to its customers via its automotive, medical devices, semiconductor and electrical and electronics divisions.
The company also has a resources division which is involved in oil palm plantations and investment in coal mining activities.
Globaltech group executive chairman Dr Goh Tian Chuan said the company was on track to expanding the group to its fullest potential.
“We aim to enhance our profile and gain recognition within the investing community, thus providing ourselves better access to the capital markets in the future.
“The Merger will grant us the financial stability to pursue future growth opportunities. It is definitely a strong kick-off for the group’s strategic direction going forward,” he said.
Goh said the merger would enhance the group’s business structure and provide the group with better access to larger scale business opportunities.
“The merger will also enhance the group’s ability to raise funds in both debt and equity markets as a result of an improved balance sheet position, strengthen its financial position and improve its utilisation of resources to realise the full potential of the respective business segments of the group,” said Goh.
Maybank Investment Bank Bhd and Astramina Sdn Bhd are the appointed joint advisers for the merger and listing exercise.