PETALING JAYA: Unigel Global Bhd is targeting a listing on the ACE Market of Bursa Malaysia.

The company is principally a provider of fibre optic protective materials, specialising in steel tapes and thixotropic gel.

In its draft prospectus exposure, the company said its initial public offering (IPO) will entail the public issue of 110 million new ordinary shares.

M & A Securities Sdn Bhd is the sponsor for the company’s IPO.

The company said the proceeds from the IPO will primarily be used for the acquisition of a pre-built factory for its new local plant; new production line for power infrastructure gel in the country; investment in an artificial intelligence-enabled enterprise resource planning system; and to set up a technical centre in Malaysia.

“We intend to establish a new integrated operational facility in Selangor, Malaysia comprising a regional corporate office and production facilities.

“The new integrated facility is intended to serve as a hub for our regional operations and facilitate closer coordination among our management, the product development team and manufacturing functions,” said the company.