KUALA LUMPUR (Sept 17): Medical eyecare company TopVision Eye Specialist Bhd (KL:TOPVISN) has secured Bursa Malaysia’s approval for its proposed transfer from the LEAP Market to the ACE Market.

In a filing on Tuesday, TopVision said the stock exchange regulator has given the go-ahead for the listing transfer of the company’s entire enlarged issued share capital of 309.82 million shares.

TopVision's proposed initial public offering (IPO) comprises an entire public issue of 54.22 million new shares, representing up to a 17.5% stake in the company, at a price to be determined, according to its draft prospectus posted to Bursa in July. There is no separate sale of existing shares.

Under the public issue, TopVision said it will allocate 15.49 million new shares to the Malaysian public and 4.8 million shares to eligible persons. The company is also setting aside 33.93 million new shares for institutional and select investors through private placement.

TopVision and its subsidiaries are principally involved in the provision of medical eyecare services that ranges from general eyecare to treatment of eye diseases.

According to the company, funds raised from the IPO will be used to part-fund the establishment of its international eye specialist centre that costs an estimated RM16 million. The entire gross proceeds totalling RM12.02 million from its listing on the LEAP Market have since been fully utilised.

The company first announced its proposed transfer to the ACE Market in February last year, after being listed on the LEAP Market since November 2018. It is currently controlled by founder Datuk Kenny Liew Hock Nean and his wife, Dr Angela Loo Voon Pei, as well as Dr Peter Chong Kuok Siong and his spouse, Soong Yoke Voon.

For the first half ended June 30, 2024, TopVision booked a net profit of RM2.74 million on a revenue of RM21.93 million.

TopVision shares were last traded on July 15 at 72.5 sen, giving the company a market capitalisation of RM191.7 million.