Furniweb to use RM9mil IPO funds for expansion

Furniweb Industrial Products Bhd will raise almost RM9mil from a planned initial public offering (IPO), proceeds of which will allow the industrial textile manufacturer to buy new machinery and build factories in Malaysia and Vietnam. 

As part of its flotation exercise, Furniweb is offering four million 50 sen shares to eligible employees, customers and suppliers, as well as three million shares to the Malaysian public at RM1.08 each.