Aztech Group, which was privatised back in 2017 by executive chairman Michael Mun, plans to list its technology unit Aztech Global.

The company has on Feb 24 filed its preliminary prospectus with the Monetary Authority of Singapore to list on the Singapore Exchange’s mainboard.

Prior to its delisting back then, the Aztech Group, which was known for making PCs and peripherals, ventured into a mixed bag of businesses including building material supply, marine services, and most notably, a $4 million acquisition of a roast meat stall.

Mun’s plan to seek a listing for Aztech Global was first reported back in Dec 2019. 

In a press release on Feb 24, Aztech Global describes itself as “a key technology enabler for the connected world of tomorrow”, focusing on one-stop design and manufacturing services. 

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Its key products include Internet of Things (IoT) devices, data-communication products, LED lighting products and other electrical products. Aztech also jointly provides contract manufacturing services to other companies.

As at Feb 15 2021, Aztech has over 290 customers worldwide, with its products sold in over 40 countries.

For the most recent 9MFY2020, the company reported earnings of $30.5 million, down from $35.3 million in the year earlier. Revenue in the same period was $262.2 million, down from $326.2 million in the preceding year’s Jan to Sept period. 

For whole of FY2019, it reported earnings of $47.2 million on revenue of $428.8 million – a significant improvement from FY2018’s earnings of $20 million and revenue of $346.8 million.

According to the draft prospectus, the list of 18 cornerstone investors for this IPO include several Malaysia based institutions such as Affin Hwang Asset Management; AIA Bhd; AIA Investment Management Private; Employees Provident Fund Board; Hong Leong Assurance Berhad. 

Other cornerstone investors include various entities such as DBS; Eastspring Investments; FIL Investment Management; HSBC Global Asset Management; JPMorgan Asset Management; Lion Global Investors.