KUALA LUMPUR, MALAYSIA / ACCESS Newswire / February 17, 2025 / Chemlite Innovation Berhad ("Chemlite Innovation" or the "Company"), a prominent engineering support services provider specialising in surface finishing treatment services, is proud to announce two significant milestones in its journey towards becoming a public listed entity. Chemlite Innovation has received approval from Bursa Malaysia Securities Berhad ("Bursa Securities") to list on the ACE Market and has entered into an underwriting agreement with UOB Kay Hian Securities (M) Sdn Bhd ("UOBKH").
Caption from L-R:
Mr. Heng Chee Khiang, Executive Director And Chief Operating Officer of Chemlite Innovation Berhad;
Mr. Chong Yuen Fong, Executive Director And Chief Executive Officer of Chemlite Innovation Berhad;
Mr. David Lim, Chief Executive Officer of UOB Kay Hian Securities (M) Sdn Bhd;
Mr. Tan Meng Kim, Managing Director, Capital Markets of UOB Kay Hian Securities (M) Sdn Bhd
Founded in 2007 and headquartered in Penang, Malaysia, Chemlite Innovation has built a strong reputation as a trusted service provider of surface finishing treatment solutions. The Company specialises in both metal plating and non-metal plating services, primarily catering to semiconductors, electrical and electronics (E&E) and machinery and equipment (M&E) sectors. Over the years, Chemlite Innovation has evolved and established itself as an approved and trusted vendor for surface finishing treatment solutions. This track record was driven by Chemlite Innovation's technical expertise, stringent quality assurance standards, and comprehensive facility at the Penang Science Park (which places a strong emphasis on automation and quality of its surface finishing treatment solutions). Its facility currently houses 5 semi-automated metal plating lines and 2 fully automated anodising lines.
As part of its strategic growth plan, Chemlite Innovation aims to broaden its service portfolio with the introduction of cleanroom cleaning and cleanroom packaging services. These offerings will enhance the protection and cleanliness of sensitive products and/or materials, preventing contamination and maintaining the products' integrity. These new services are expected to commence by the third quarter of 2025, allowing the Company to cater to evolving customer requirements and attract new clientele. Apart from broadening its service portfolio, Chemlite Innovation is also expanding its operations as the Company intends to construct a new facility, housing at least 4 fully automated anodising lines and 4 semi-automated metal plating lines. To achieve this, the Company had signed a sale and purchase agreement with Penang Development Corporation on 26 November 2024 to acquire an industrial leasehold land in Penang Science Park North. The land acquisition is expected to be completed by the second quarter of 2025, with facility construction targeted for completion by the fourth quarter of 2026.
Chemlite Innovation's Initial Public Offering ("IPO") comprises a public issue of 120,000,000 new ordinary shares ("Issue Shares") and an offer for sale of 60,000,000 existing ordinary shares ("Offer Shares"). The breakdown of the IPO is as follows:
Malaysian public
30,000,000 Issue Shares made available for application by the Malaysian public.
Eligible persons
21,000,000 Issue Shares reserved for application by eligible directors and employees as well as persons who have contributed to the success of the Group.
Private placement to identified institutional and/or selected investors
54,000,000 Issue Shares made available by way of private placement to identified institutional and/or selected investors.
Private placement to Bumiputera investors approved by the Ministry of Investment, Trade, and Industry of Malaysia ("MITI")
15,000,000 Issue Shares and 60,000,000 Offer Shares made available by way of private placement to identified Bumiputera investors approved by the MITI.
UOB Kay Hian Securities (M) Sdn Bhd will underwrite a total of 51,000,000 Issue Shares designated for the Malaysian public and eligible persons. The funds raised from the IPO will be utilised strategically to support Chemlite Innovation's growth initiatives, including facility expansion, setting up cleanrooms, investing in automation machinery and equipment and establishing a dedicated research and development ("R&D") department. Additionally, the remaining proceeds will be allocated to repay bank borrowings, support working capital requirements and cover estimated listing expenses.
Mr. Chong Yuen Fong, Executive Director and CEO of Chemlite Innovation Berhad, commented, "Obtaining the approval from Bursa Securities and the support of UOBKH for underwriting Chemlite Innovation's IPO shares marks a significant milestone in the Company's journey."
Mr. Heng Chee Khiang, Executive Director and COO of Chemlite Innovation Berhad, added that, "The IPO proceeds will enable us to enhance and expand our facilities, invest in automation and drive R&D initiatives, all of which will position Chemlite Innovation as a leading surface finishing treatment solutions provider for a diverse range of industries."
Chief Executive Officer of UOB Kay Hian Securities (M) Sdn Bhd, Mr. David Lim added, "We are honoured to collaborate with Chemlite Innovation on its IPO journey. Chemlite Innovation's established track record, proven technical expertise, and growth potential make it an attractive investment opportunity. We are confident that the Company's listing on the ACE Market will pave the way for its continued success in both local and international markets."
With a focus on continuous innovation and customer-centric solutions, Chemlite Innovation is poised to strengthen its position as a key player in the surface engineering segment. The IPO will provide the Company with the resources to achieve its strategic goals, enhance operational efficiency and deliver greater value to its stakeholders.
ABOUT CHEMLITE INNOVATION BERHAD
Chemlite Innovation Berhad ("Chemlite Innovation" or the "Company") is a leading engineering support services provider, specialising in surface finishing treatment services. Incorporated in Malaysia, Chemlite Innovation focuses on delivering innovative metal plating and non-metal plating solutions for diverse industries, including semiconductor, electrical and electronics, machinery and equipment, life science and medical technology and automotive sectors. With its advanced technical capabilities, state-of-the-art facilities in Penang Science Park, and a commitment to quality and innovation, Chemlite Innovation has earned its reputation as a trusted global vendor, catering to both local and multinational clients.
For more information, visit https://www.chemlite.com.my/.
Swan Consultancy Sdn Bhd on behalf of Chemlite Innovation Berhad
For more information, please contact:
Jazzmin Wan
Email: j.wan@swanconsultancy.biz
William Yeo
Email: w.yeo@swanconsultancy.biz
SOURCE: Chemlite Innovation Berhad
View the original press release on ACCESS Newswire
