Oceancash expects to raise RM10mil from IPO

  • Business
  • Thursday, 01 Jul 2004

Oceancash Pacific Bhd intends to raise RM10.16mil from its initial public offering (IPO) of 50.78 million new shares. 

The producer and distributor of non-woven clothes and resinated felts expects to make its debut on the Mesdaq market by the middle of the month. 

Of the 50.78 million shares priced at 20 sen each, 2.778 million are reserved for directors and employees of Oceancash and its subsidiaries, 40 million for identified investors, and eight million for the public. 

Southern Investment Bank Bhd is the adviser, managing underwriter and placement agent, and Mercury Securities Sdn Bhd the underwriter and placement agent. 

Proceeds from the IPO would be used to buy new machinery and equipment to produce better-grade non-woven cloth widely used in the disposable hygienic product industry, Oceancash founder and group managing director Tan Siew Chin said in a statement yesterday in conjunction with the launch of the prospectus. 

The company recorded a turnover of RM26.5mil for its financial year ended Dec 31, 2003. And it expected significant growth this year owing to Malaysia's plans to improve the local car industry, as well as a rapidly growing market for diapers and sanitary products, Tan said. 

Oceancash, which currently exports to Thailand, planned to expand into other foreign markets within the next five years, Tan said. – Bernama  

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