Flexidynamic a step closer to listing with signing of underwriting agreement
KUALA
LUMPUR: Flexidynamic Holdings Bhd (Flexidynamic), sealed an underwriting agreement with M&A Securities Sdn Bhd (M&A Securities) in conjunction with the company’s initial public offering (IPO) on the ACE Market of Bursa Malaysia Securities Bhd (Bursa Securities), following the approval granted by Bursa Securities for the company’s proposed IPO on November 12, 2020.
M&A Securities has been appointed as Flexidynamic’s Principal Adviser, Sponsor, Underwriter and Placement Agent for the IPO exercise. Pursuant to the Underwriting Agreement, M&A Securities will underwrite a total of 18,453,000 shares.
Flexidynamic, established in 2012, is involved in the design, engineering, installation, and commissioning of glove chlorination systems, as well as the design and installation of storage tanks and process tanks for the glove manufacturing industry.
Commenting on the business, Flexidynamic managing director Tan Kong Leong, said: “Our design and engineering expertise gives us the flexibility to provide customisation for our customers and allows us to design and offer glove chlorination systems that suit our customers’ glove manufacturing processes. It also fulfils our customers’ requirements on their glove chlorination process as well as enabling us to retain our customers and contribute to our business sustainability.”
He added, “We started small and over the last few years, we have expanded our products and services locally as well as regionally, including to Vietnam, Thailand, Indonesia and Sri Lanka.”