WHILE both his father and younger brother are busy gearing up for the 15th General Election (GE15), Mirzan Mahathir who is the eldest son of two-time premier Tun Dr Mahathir Mohamad is keeping himself occupied with the initial public offering (IPO) exercise of electronics manufacturing services (EMS) provider Betamek Bhd.
Unlike Datuk Seri Mukhriz Mahathir who is now helming Parti Pejuang Tanah Air which he himself founded in August 2020, the very much apolitical Mirzan expects to raise RM33.8 mil under Betamek’s listing exercise on the ACE Market of Bursa Malaysia tentatively on Oct 26.
Betamek is currently in discussion with its technology partners to develop and introduce more innovative technologies and new product solutions with market potential, according to Mirzan who is the company’s managing director.
“Over the years, we have been expanding our product portfolio by including new automotive electronic solutions and technologies required to complement the features of our products,” he shared.
“As hybrid, electric and autonomous vehicles gain global market share, Betamek is in a unique position to leverage this growing market trend and expand and diversify our product offerings with competitive solutions that incorporate the innovative Malaysian DNA.”
More specifically, Mirzan said today’s vehicle infotainment system entails evolution of the vehicle-stereo technology alongside elements of audio and video, Internet of Things (IoT), Global Positioning System (GPS) and navigation capabilities as well as vehicle safety and security.
“We consider that there are still many untapped opportunities for product segments in relation to advanced driver assistance systems, entertainment and connectivity, IoT and accessories of vehicles. This IPO exercise will be a great boost to our future R&D activities,” he added.
Under its listing exercise, Betamek is issuing 67.5 million new shares in Betamek which represent 15% of the company’s enlarged share capital at an issue price of 50 sen/share.
Of the 67.5 million new shares, 22.5 million new shares will be made available to the Malaysian public via balloting; 13.5 million new shares for eligible directors, employees and individuals who have contributed to the success of the Betamek Group under the Pink Form Allocations while the remaining 31.5 million new shares are earmarked for private placement to selected investors.
As part of its listing exercise, Betamek’s existing shareholders, Iskandar Holdings Sdn Bhd, will also make an offer for sale of 45 million existing shares to selected investors by way of private placement.
Based on the enlarged share capital of 450 million shares, Betamek is expected to have a market capitalisation of RM225 mil. The IPO is open for subscription from today until Oct 7. – Sept 28, 2022
