Ace Market-bound Topvision Aims To Raise RM17.89 Mln From Public Offering

KUALA LUMPUR, Nov 25 (Bernama) -- Topvision Eye Specialist Bhd, which is transferring its listing from the LEAP Market to the ACE Market of Bursa Malaysia, aims to raise RM17.89 million through the public offering.

Priced at 33 sen per share, the exercise is scheduled for Dec 16, 2024.

The LEAP Market is the adviser-driven market accessible only to sophisticated investors.

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The medical eye care services provider said that from the amount, RM7.9 million will be allocated for the establishment of the Topvision International Eye Specialist Centre in the Klang Valley, a tertiary eye ambulatory care centre with subspecialty services like retinal surgery, cornea transplants and paediatric ophthalmology.

It noted that RM5 million will be used for expanding the ambulatory care centre (ACC) network with new centres in Kuala Terengganu and Tawau, Sabah, expanding the company's presence.

"RM0.50 million to purchase machines, including phacoemulsification machines, to improve service quality across Topvision’s network and RM4.5 million will be used for listing expenses," the company said.

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Chief executive officer and executive director Dr Peter Chong Kuok Siong said the transfer of listing not only accelerates its growth but underscores the company's commitment to advancing eye healthcare across Malaysia.

"With funds raised, we will expand our ACC network, establish Topvision International and invest in new machines.

"This listing reflects our dedication to sustainable growth, clinical excellence, and our mission to improve the quality of life for our patients," he said in conjunction with the company's prospectus launch here today.

On its expansion plan, Chong said: “We will start our operations in Terengganu in the second quarter of 2025 (2Q 2025), while the ACC in Sabah is projected to begin its operation during the fourth quarter of 2025.

“The establishment of our International Eye Specialist Centre in Petaling Jaya has achieved 90 per cent accomplishment, thus we aim to start our operations there in 2Q 2025 as well,” he told a press conference.

The public offering will involve the issuance of 54.22 million new ordinary shares. Applications for the public issuance are open from today until Dec 3, 2024.

-- BERNAMA