KUALA LUMPUR: Manufacturer and exporter of butt weld pipe fittings and welded pipes Pantech Global Bhd has signed an underwriting agreement with Alliance Islamic Bank Bhd (AIS) for its proposed initial public offering (IPO) on the Main Market of Bursa Malaysia Securities Bhd.
Pantech Global, through its subsidiaries, manufactures and exports butt weld pipe fittings and stainless steel welded pipes for use in various industries such as oil and gas, petrochemical, chemical, semiconductor, water treatment and shipbuilding which require piping and pipeline systems that can withstand high temperatures, high pressure, corrosive substances and harsh environments.
Pantech Global serves a diverse global market comprising Asia Pacific, the Americas, Europe, and Middle East and North Africa regions. The group’s key export destinations include the US, Canada, Mexico, Netherlands, Germany, the UK, Taiwan, and countries in the Asia Pacific region, Türkiye, Egypt, and the United Arab Emirates.
In 2023, the group commanded 66% of Malaysia’s export market share for butt weld pipe fittings, and 16% of Malaysia’s production market share for stainless steel welded pipes.
“We are excited to take this step toward listing on Bursa Securities’ Main Market, which will drive our business growth. This listing will boost our profile as a Malaysian manufacturer and exporter, strengthening confidence in our expertise, production, and commitment to delivering quality solutions globally,” Pantech Global group managing director Adrian Tan said.
Pantech Global’s IPO entails the issuance of 262,228,000 new ordinary shares (IPO shares), representing 30.85% of the company’s enlarged issued share capital of 850,000,000 shares upon listing (public issue) – 21,250,000 IPO shares will be made available for application by the Malaysian public; 29,750,000 IPO shares will be made available for the eligible directors and employees of Pantech Global, eligible directors and employees of Pantech Group Holdings Bhd.
