PETALING JAYA: Enest Group Bhd

has entered into an underwriting agreement with M&A Securities Sdn Bhd in preparation for its initial public offering (IPO) in conjunction with its transfer listing from the LEAP Market to the ACE Market of Bursa Malaysia Securities Bhd.

The group is principally involved in the processing and sale of raw clean edible bird’s nest, trading of bird’s nest, and sales of processed bird’s nest products serving customers such as distributors, importers, bird’s nest processing companies and retailers, with China being its largest market.

According to the exposed prospectus published on Bursa Securities’ website, Enest’s IPO comprises a public issue of 116.25 million new ordinary shares and an offer for sale of 15.05 million existing shares.

Under the terms of the underwriting agreement, M&A Securities will underwrite 37.78 million issue shares made available for application by the Malaysian public and under the Pink Form Applications.

The remaining 78.47 million issue shares, together with the 15.05 million offer shares, will be placed out via private placement and will not be underwritten.

M&A Securities is the adviser, sponsor, underwriter, and placement agent for the IPO.