Alliance Islamic Bank underwrites WTEC IPO

MALAYSIA: As principal adviser, sponsor, sole underwriter and placement agent for WTEC Group IPO, Alliance Islamic Bank is underwriting 33.6 million shares made available to the Malaysian public and WTEC staff. Scheduled to be listed on Bursa Malaysia’s ACE Market by April 2025, this manufacturer of foam-related products for industrial uses – ranging from automotive to electronics and personal protection equipment – is making a public issue of 90.2 million new ordinary shares, representing 18.8% of its enlarged issued share capital, plus an offer for sale of 43.2 million existing shares, or 9% of the enlarged share capital. The bulk of these shares – 99.8 million – will be privately placed to selected investors.