Kuala Lumpur, Oct 30: TOPVISION Eye Specialist Berhad, a leading provider of eye care services in Malaysia, has signed an underwriting agreement with Hong Leong Investment Bank Berhad to facilitate its public offering and transition from the LEAP Market to the ACE Market of Bursa Malaysia Securities Berhad.
Since its listing on the LEAP Market in 2018, TOPVISION has grown into a prominent eye care provider, offering services such as cataract surgeries, glaucoma management, and treatment for retinal diseases. The company operates a network of ambulatory care centres across Malaysia and plans to expand to 14 centres, including its first in East Malaysia, by next year.
The transfer will involve the issuance of 54.22 million new shares, representing 17.5 percent of the enlarged share capital. Shares will be offered through institutional and retail offerings.
Institutional investors will receive 33.93 million shares, accounting for 10.95 percent of the share capital. The retail portion will comprise 20.29 million shares, with allocations for eligible directors, employees, contributors to the company’s success, and the Malaysian public, split equally between Bumiputera and non-Bumiputera investors.
Hong Leong Investment Bank will act as the Principal Adviser, Sponsor, Sole Underwriter, and Sole Bookrunner, underwriting the shares allocated for the retail offering.
Datuk Kenny Liew Hock Nean, Executive Vice Chairman of TOPVISION, said, “This transfer is a pivotal moment for TOPVISION as we expand from the LEAP Market to the ACE Market.
Our partnership with HLIB reinforces our mission to provide quality eye care throughout Malaysia.
The funds raised will allow us to enhance our medical technology, expand our ACC network, and contribute to the growth of the eye care sector.”
Lee Jim Leng, Group Managing Director and Chief Executive Officer of Hong Leong Investment Bank, said, “We are proud to support TOPVISION’s transition to the ACE Market.
This move opens doors to a broader investor base, propelling the company’s future growth.”
The funds raised will be used to establish the TOPVISION International Eye Specialist Centre and new ambulatory care centres in Kuala Terengganu and Tawau.
Proceeds will also be allocated for new medical equipment and to cover expenses associated with the listing transfer.
TOPVISION received approval from Bursa Securities for the transition on 17 September 2024.
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