KUCHING: Despite global market uncertainties, M&A Securities Sdn Bhd affirms that Reach Ten Holdings Bhd’s initial public offering (IPO) will play a key role in Sarawak’s nation-building and long-term growth.
M&A Securities Corporate Finance Deputy Head, Danny Wong, acknowledged the global market volatility but emphasised that Reach Ten’s IPO is a strategic move aligned with Sarawak’s long-term development goals.
“Of course, we’re aware of the current global uncertainty, which is beyond our control.
“However, as highlighted in the Deputy Premier’s speech, Reach Ten is integral to Sarawak’s nation-building efforts.
“This IPO is about raising funds and entering the capital market to accelerate the nation-building process in Sarawak,” he said.
He said this during a press conference after Reach Ten’s prospectus launching ceremony at the Waterfront Hotel here today.
He further explained that the funds raised from the IPO will support the development of Sarawak’s telecommunications infrastructure, which is vital for the state’s economic and social progress.
“While the market may be uncertain at the moment, we encourage investors to take a long-term view of Reach Ten’s role in Sarawak,” he said.
“As the market stabilises, the true value of Reach Ten will become fully reflected.”
For the record, Reach Ten’s IPO aims to raise RM104 million, which will fund the company’s expansion plans, including fibre network upgrades in Kuching, Miri, Sibu and Bintulu, as well as the deployment of new telecommunication towers in the region.
The IPO is open for subscription until April 18, 2025, with Reach Ten’s listing scheduled for May 2, 2025.
