ACE Market-bound iCents group eyes regional growth after listing

The Star

6 hours ago

From left: iCents Group executive director Tan Wei Ying, executive director Foo Siang Leng, substantial shareholder Faye Khor Fei Yi, managing director Vincent Ong Mum Fei, independent non-executive chairperson Lim Bee Vian, Alliance Islamic CEO Rizal IL-Ehzan Fadil Azim, Alliance Bank Malaysia group chief corporate and institutional banking officer Teoh Chu Lin and Alliance Islamic Bank head and senior vice-president of coverage and origination of Islamic capital markets Lim Shueh Li
KUALA LUMPUR: Cleanroom and facility services provider iCents Group Holdings Bhd (iCents Group) plans to expand its operations to Singapore and establish new offices in Kuching and Indonesia following its listing on the ACE Market of Bursa Malaysia on July 17, 2025.
Group managing director Vincent Ong Mum Fei said the company aims to expand to Singapore and is currently preparing a proposal.
He added that funds raised from its initial public offering (IPO) will also be used to establish offices in Kuching and Indonesia, supporting its operations in these areas.
"As for Kuching, we currently have ongoing service activities there, with two projects in progress. After the IPO, we also plan to set up an office to serve the Kuching market and expanding our product range is always important," he said at the press conference held in conjunction with the company's prospectus launch.
iCents Group aimed to raise RM27 million from its IPO, and of the proceeds, RM4.68 million would be utilised for the purchase of machinery and equipment, RM3.02 million for business expansion, RM1.72 million for product development, RM1.5 million for marketing activities, RM12.09 million for working capital and RM4 million for estimated listing expenses.
Ong said the company would be setting up a facility in Mantin, Negeri Sembilan, this year.
Meanwhile, Ong said iCents Group has not seen any immediate impact from the tariff imposed by the United States.
The company's cleanroom services cater to the semiconductor, electronics, data centres, pharmaceutical, and life sciences sectors, among others.
"We have not seen any immediate impact from the new tariffs. Currently, many companies, especially in the semiconductor sector, are taking a 'wait and see' approach.
"That said, there has been a minor impact on capital expenditure," he said.
In a statement released today, iCents Group said its IPO exercise encompassed a public issuance of 112.50 million new ordinary shares, representing approximately 22.50 per cent of its enlarged issued share capital upon listing, as well as an offer for sale of 30 million existing shares, representing approximately six per cent of its enlarged issued share capital.
Out of the public issue of 112.50 million issue shares, 25 million issue shares will be made available to the Malaysian public via balloting, and 10 million issue shares will be made available to its eligible directors, employees and persons who have contributed to the success of the group.
Another 15 million issue shares will be made available through private placement to selected investors, while the remaining 62.50 million issue shares will be made available by way of private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry.
"Additionally, all 30 million offer shares to be offered for sale will be offered to selected investors by way of private placement," it added.
Following the prospectus launch, applications for the public issue are open from today and will be closed on July 2, 2025, at 5 pm.
Alliance Islamic Bank Bhd is the principal adviser, sponsor, sole underwriter and placement agent for the IPO exercise. - Bernama