London Stock Exchange welcomes MayAir Group to AIM
MayAir Group plc (AIM: MAYA) is delighted to join AIM through the placing of 12,475,000 new ordinary shares at a price of £1.30 per share, having raised £16.2 million. On Admission, the Group had a market capital of £55.2 million.
Established in Malaysia in 2001, MayAir is one of the market leaders in providing air purification solutions, primarily in China, to the industrial, commercial and residential sector. It has supplied large multinational manufacturers such as OSRAM, Sony, York and SanDisk as well as flagship commercial customers such as SOHO Galaxy Beijing and Huawei.
The Directors of MayAir believe that Admission to AIM will enhance the Group’s profile with existing and potential customers and support the development of the Group’s brand in Asia, as well as globally. Specifically, the Group intend to use the funds raised along with its existing cash resources to assist with its growth, to increase its R&D spending and to provide funds for the construction of a new primary manufacturing facility.
Mr Yap Wee Keong, Chief Executive Officer & Founder of MayAir, said: "We are delighted to be joining AIM. We believe our listing will enhance our profile within the air purification industry, and will assist us in achieving our strategic objectives. The requirement for purified air at work and at home has led to a surge in demand for our technology and products. With this trend set to continue, we expect to receive sustained interest and look forward to utilising our expertise to provide clean air solutions for all markets. We welcome our new shareholders, and look forward to updating them and the wider market on our progress as we continue to grow."
Allenby Capital Limited is MayAir’s Nominated Adviser and Mirabaud Securities LLP is its Broker. Other advisors include Charles Russell Speechlys LLP (legal advisor as to English law), Crowe Clark Whitehill LLP (reporting accountants) and Luther Pendragon Ltd (financial PR).