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Datuk Chong Toh Wee, managing director of Cosmos Technology International (left), and Chew Sing Guan, managing director of Mercury Securities

KUALA LUMPUR: Cosmos Technology International Bhd has inked an underwriting agreement with Mercury Securities in conjunction with its initial public offering (IPO) on the ACE Market of Bursa Malaysia.

The company's listing exercise, which has been approved by Bursa Securities, comprises a public issue of 64.13 million new ordinary shares.

According to Cosmos, Mercury Securities will underwrite a total of 20.71 million new shares, comprising 12.83 million shares to be made available to the Malaysian public via balloting and 7.88 million shares to be set aside for eligible directors, employees and persons who have contributed to the success of Cosmos and its subsidiaries.

The proceeds from the IPO will go towards financing the acquisition of a factory building measuring about 36,860 sq ft located in Balakong, Seri Kembangan.

It said the acquisition will enable the group to consolidate the management, operations and production space of the group in one location, in line with the group’s strategies to continuously enhance productivity and improve effectiveness in overall operations.

The proceeds will also be utilised to finance the purchase of new machinery to, among others, meet the anticipated increase in demand from the group’s oil and gas customers.

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Cosmos via its subsidiaries is an integrated water technology solutions provider principally involved in the distribution and instrumentation services of fluid control products and manufacturing of fabricated metal products for industrial applications used in the water, wastewater and oil and/or gas industries.

It was listed on the LEAP Market of Bursa Malaysia on March 9, 2020, with an issuance of 19.24 million shares or about 10% of its enlarged issued share capital at 28 sen per share to sophisticated investors.

Subsequently, the group withdrew its listing and was delisted from the LEAP Market on Nov 10, 2021, to facilitate the listing on the ACE Market.

Cosmos managing director Datuk Chong Toh Wee said there is great potential for business expansion, given that water management is crucial amid rapid urbanisation and economic development, climate change, and increasing industrial requirements.

He said the demand for metal frames for shaker filters is also expected to grow as they are a crucial piece of equipment used in the oil and gas industry.

“The signing of this underwriting agreement brings us one step closer to our proposed debut on the ACE Market of Bursa Malaysia, which in turn will enable us to enlarge our business capabilities.

"We are very pleased to have reached this key milestone and look forward to the next phase of growth in our journey as a public-listed corporation,” he said in a statement.

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