KUALA LUMPUR: 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.

According to BERNAMA News Agency, the medical eye care services provider stated that from the amount raised, RM7.9 million will be allocated for the establishment of the Topvision International Eye Specialist Centre in the Klang Valley. This centre will be a tertiary eye ambulatory care facility offering subspecialty services, including retinal surgery, cornea transplants, and paediatric ophthalmology.

Additionally, RM5 million is earmarked for expanding the ambulatory care centre (ACC) network with new centres in Kuala Terengganu and Tawau, Sabah. This expansion will enhance the company’s presence in these regions. Topvision also announced a budget of RM0.5
0 million for the acquisition of machines, such as phacoemulsification machines, to improve service quality across its network, while RM4.5 million will cover listing expenses.

Chief Executive Officer and Executive Director Dr Peter Chong Kuok Siong highlighted that the transfer of listing not only accelerates the company’s growth but also underscores its 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 stated during the company’s prospectus launch.

Regarding its expansion plan, Chong mentioned that operations in Terengganu are set to commence in the second quarter of 2025 (2Q 2025), while the ACC in Sabah is projected to begin operations in the fourth quarter of 2025. He also noted that the establishment of the International Eye Specialist
Centre in Petaling Jaya is 90 percent complete, with operations expected to start in 2Q 2025.

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.