i-Stone inks underwriting deal with M and A Securities

KUALA LUMPUR, Johor-based automation solutions provider i-Stone Group Bhd has signed an underwriting agreement with M and A Securities Sdn Bhd in conjunction with its initial public offering (IPO) on the ACE Market of Bursa Malaysia Securities Bhd.

In a statement today, i-Stone said M and A Securities would underwrite 73.28 million new shares, comprising 61.07 million shares available for the public and 12.21 million for eligible directors and employees.

i-Stone managing director Tee Sook Sing said the group has expanded in-house capabilities for manufacturing automation activities, which has led to the establishment of business model that enables to control quality and production.

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, she said.

Meanwhile, M and A Securities managing director of corporate finance Datuk Bill Tan said i-Stone’s proven track record, management experience, technical know-how and industry knowledge, coupled with its long business relationship with customers and suppliers, would 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, he said.

Source: BERNAMA (News Agency)