Pan Merchant inks underwriting agreement for ACE Market listing
The Sun iPaper - 8 May 2025 View original article
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KUALA LUMPUR: Malaysia’s solid-liquid filtration solutions provider Pan Merchant Bhd signed an underwriting agreement with Affin Hwang Investment Bank Bhd yesterday, as part of its initial public offering (IPO) exercise on the ACE Market of Bursa Malaysia Securities.
The IPO entails a total of 250.2 million ordinary shares in Pan Merchant, comprising 232.2 million new shares and 18 million offer-for-sale shares.
The total number of shares represents 27.3% of the enlarged share capital.
Managing director Wong Voon Ten said: “We are pleased to have Affin Hwang on board, supporting us with their experience and market insights in our IPO journey.
“We are eager to tap into the opportunities the capital market offers to drive our next phase of growth with our listing status.
“We strongly believe that being listed on Bursa Malaysia will position us with enhanced credibility among customers worldwide for our long-term success and expansion into new regions and industries.”
Affin Hwang CEO Nurjesmi Mohd Nashir said: “We are truly honoured to play a pivotal role in Pan Merchant’s listing journey. Upon listing, Pan Merchant will be the only solid-liquid filtration solutions provider listed on Bursa Malaysia, marking a unique issuer on Bursa Malaysia and reinforcing its position as the largest homegrown solid liquid filtration solution industry player in Malaysia in terms of its revenues.
“With the group’s strong fundamentals, growth prospects, industry experience and niche expertise, we are optimistic that Pan Merchant will garner strong investor interest.”
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