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Mega Fortris to launch Macau business as part of looming IPO

Newsdesk by Newsdesk
Wed 9 Oct 2024 at 03:57
Mega Fortris to launch Macau business as part of looming IPO
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Malaysian security seal specialist Mega Fortris Bhd has revealed plans to launch a new Macau-based business as part of an IPO-driven expansion.

The company announced Tuesday that it had made a “a significant advancement” towards its IPO after entering into an underwriting agreement with RHB Investment Bank Berhad and AmInvestment Bank Berhad. The IPO of up to 295,744,000 shares to be listed on the main market of Bursa Malaysia will include 147,873,000 new shares, representing approximately 17.50% of the company’s enlarged issued share capital.

According to Mega Fortris, proceeds from the IPO will partly finance the establishment of a new factory in the UK and a new business venture in Macau, while the remainder will be utilized for listing expenses. The company supplies security seals for the transportation of gaming equipment – including  playing cards – to properties around Asia.

“We are truly humbled to announce this important milestone with the underwriting agreement from RHB Investment Bank Berhad and AmInvestment Bank Berhad,” said Group Managing Director and Group CEO, Datuk Ng Meng Poh.

“This development reflects our commitment to growing our security seal business and marks a key step in our plans to expand into new markets, including our upcoming factory in the UK and a new venture in Macau. We believe this will strengthen our global presence and enable us to continuously provide innovative security solutions to meet our customers’ needs.”

Mega Fortris said its IPO also involves the issue of 42,250,000 issue shares, representing 5.00% of the enlarged issued share capital, reserved for the Malaysian public via balloting, of which 21,125,000 issue shares will be set aside for Bumiputera investors. The 25,350,000 issue shares, representing 3.00% of the enlarged issued share capital will be made available for application by Eligible Persons.

The Joint Underwriters will underwrite the retail offering of 67,600,000 issue shares, representing 22.86% of the total IPO shares.

Additionally, 38,024,000 issue shares will be made available for application by way of private placement to identified Bumiputera investors approved by the Ministry of Investment, Trade and Industry, while the remaining 42,249,000 issue shares will be allocated to institutional and selected investors through private placement.

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Tags: initial public offeringIPOMacauMalaysiaMega Fortris
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Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

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