KUALA LUMPUR (June 10): Enterprise information technology (IT) solutions provider VETECE Holdings Bhd has received approval from Bursa Malaysia Securities Bhd to list on the ACE Market.

In a statement on Monday, VETECE said it offers a comprehensive range of enterprise IT solutions encompassing implementation services, maintenance, support and professional services, as well as hardware and software resale via its subsidiaries Vision Technology Consulting Sdn Bhd and Vision Technology Consulting Pte Ltd.

VETECE is an Oracle Malaysia partner and has developed a long-standing relationship with Oracle.

It said this link enables the group to build expertise in delivering enterprise application integration, single sign-on management, enterprise data engineering and analytics, enterprise customer relationship management, and both on-premises and cloud infrastructure solutions on Oracle technology platforms.

In addition to Oracle, VETECE said it has established relationships with six other technology partners and vendors, including WSO2 and Salesforce, and that these collaborations have enhanced its capabilities in delivering a wide range of advanced technology solutions.

While Malaysia remains its primary market, VETECE said it also serves clients in the Asia Pacific region, including Australia, Singapore, Thailand, Japan, South Korea and other countries.

Based on its draft prospectus, VETECE’s initial public offering (IPO) entails a public issuance of 98.0 million new ordinary shares, and an offer for sale of 39.2 million existing shares.

This represents a total of 35% of VETECE’s enlarged issued share capital of 392.0 million ordinary shares.

VETECE group chief executive officer and executive director Chan Wai Hoong said that over the past 20 years, the company has a robust track record in providing IT solutions to large enterprises such as government-linked companies and multinational corporations, the majority of which are in the telecommunications and financial services industries.

"We take pride in our ability to deliver projects to numerous large organisations, demonstrating our capabilities in implementing large-scale and centralised IT solutions, standardising and streamlining processes across subsidiaries and branches in different locations,” he said.

VETECE targets to be listed by the third quarter of 2024.

Kenanga Investment Bank Bhd is the principal adviser, sponsor, underwriter and placement agent for the IPO.