The company filed its draft prospectus in April and did not provide a specific timeline for the initial public offering (IPO).

“The IPO comprises a public issue of 110 million new shares and an offer for sale of 45 million existing shares,” it said in a statement.

Of these 155 million shares, 32.5 million will be made available to the Malaysian public.

Another 30 million shares will be made available for application by eligible directors, key senior management, employees and persons who have contributed to the group’s success.

Executive director and CEO Koh Dim Kuan said the approval is an important milestone, allowing the group to access the equity capital market.

“This in turn would increase our overall capabilities and resources which will enable us to offer more sophisticated automation solutions and engineering services, and increase our market presence,” he said.

Meanwhile, 48.8 million shares will be allocated via private placement to bumiputera investors approved by the investment, trade and industry ministry (Miti), and the balance of 43.7 million will be offered by way of private placement to selected investors.

“KAF Investment Bank Bhd is the principal adviser, sponsor, sole underwriter and sole placement agent for this IPO exercise,” it added.