LEAP Market-Listed MMIS Eyes Transfer To ACE Market
KUALA LUMPUR, July 30 (Bernama) -- MMIS Bhd plans to transfer its listing from the LEAP Market to the ACE Market of Bursa Malaysia in an exercise that will entail a cash exit offer from five shareholders (joint offerors).
The industrial and manufacturing company said its board, save for interested directors, made the decision to implement this exercise after receiving a request via a letter from the joint offerors, who include its directors Loh Chin Soon, Loh Chin Siang and Law Woo Hock as well as two other individuals, for MMIS to consider a proposed LEAP Market listing withdrawal and a proposed ACE Market listing.
To facilitate the transfer, the joint offerors have proposed to undertake a cash exit offer that will be extended through a pre-conditional voluntary general offer for all remaining MMIS shares they do not already own, the company said in a filing with Bursa Malaysia today.
The joint offerors currently hold about 84.95 per cent equity interest in the precision parts manufacturer and sheet metal fabricator.
MMIS said the board, save for the interested directors, has appointed Sierac Corporate Advisers Sdn Bhd as the independent adviser to advise and make recommendations to the company’s shareholders in connection with the proposals, as well as the fairness and reasonableness of the proposed exit offer.
The company has an issued share capital totalling RM15 million comprising 600 million ordinary shares.
MMIS will undertake a public offering of shares to the general public as part of the proposed transfer of listing.
It said details such as the quantity, issue price and group of investors will be determined at a later date.
The proposed utilisation of proceeds will be determined on finalisation of the details of the proposed public offering, including the number and issue price of the new shares to be issued, the company said.
MMIS also said the proposed transfer of listing to the ACE Market signifies that the company has grown in the strength of its operations and profitability.
Subject to all required approvals being obtained, the proposals are expected to be completed by the first quarter of 2027, it added.
-- BERNAMA