Pentamaster Corp Bhd is projecting a 15% rise in turnover to over RM60mil this year, with growth mainly coming from exports, said chief executive officer Chuah Choon Bin.
He said turnover for the year ended Dec 31, 2002 was RM54.15mil and net profit amounted to RM12.59mil.
Chuah said exports contributed 55% to the company's revenue last year and that the ratio between exports and domestic sales was unlikely to change much this year.
He said this at a press conference after an underwriting agreement signing in conjunction with Pentamaster's listing on the KLSE second board, targeted for August, in Kuala Lumpur on Wednesday.
Pentamaster and its subsidiaries are involved in the manufacturing of automated and semi-automated machine and equipment, designing and manufacturing of precision machinery components as well as design, assembly and installation of computerised automation systems and equipment.
The company ships its products mainly to China, which takes up 40% of its exports, while other markets include the US, Brazil and Europe.
Chuah said 92% of Pentamaster's local sales were to multinational companies, mainly those operating in Bayan Lepas, Penang.
The proposed flotation involved an initial public offering of 12.34 million shares of 50 sen each at RM1.40 apiece by way of offer for sale, said AmMerchant Bank Bhd director of corporate finance Pushpa Rajadurai.
Under the exercise, three million shares would be made available for applications by the public and 2.468 million shares for placement to selected investors.
AmMerchant is the adviser, managing underwriter and placement agent for the exercise. Bernama