Topvision seeks withdrawal from LEAP Market to pave way for ACE Market IPO

TheEdge Fri, Feb 03, 2023 10:21pm - 1 year View Original


KUALA LUMPUR (Feb 3): Topvision Eye Specialist’s directors and major shareholders are proposing to voluntarily withdraw its listing from the LEAP Market, paving way for future listing on the ACE Market.

This is the seventh company that has wanted to withdraw its listing on the LEAP Market.

The other companies are Amlex Holdings Bhd and Aurora Italia International Bhd in 2022; TT Vision Holdings Bhd and Cosmos Technology International Bhd in 2021; and JM Education Group Bhd and Polymer Link Holdings Bhd in 2020.

Datuk Kenny Liew Hock Nean and Dr Peter Chong Kuok Siong, who collectively own a 67% stake in the company, on Friday (Feb 3) announced the proposal, which requires shareholders’ approval via an extraordinary general meeting.

The remaining 33% stake or 84.44 million shares in the company are held by 20 minority shareholders, said Topvision in a stock exchange filing on Friday.

Topvision believes that listing on the ACE Market will provide it with access to a bigger fundraising platform to support its expansion plan in order to realise its long-term growth potential.

Topvision also expects increases in liquidity and marketability of its shares upon listing on the ACE Market, while enhancing its credibility, reputation and accord with greater recognition from various stakeholders.

Hong Leong Investment Bank Bhd has been appointed as the adviser for the proposed withdrawal of listing on LEAP Market and for the proposed listing on the ACE Market.

Shares of Topvision stayed unchanged at 73.5 sen on Friday, valuing it at RM187.86 million.

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eric leow
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Leap market serves no purpose, better to abolished it

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