KUALA LUMPUR: Integrated power technology company Pestech International Bhd
plans to raise RM12.88mil from its listing exercise which involves the sale of 12.88 million shares of 50 sen each at an offer price of RM1 each.
The company, which is seeking a listing on the Main Market of Bursa Malaysia on May 30, said that of the 12.88 million shares, it would offer six million shares to the public, 5.367 million units for eligible directors, employees and persons who contributed to the group. The remaining 1.513 million shares would be placed out.
It said that the final subscription period for its shares end on May 18.
Founder and executive chairman Lim Ah Hock said: "As part of the group's business expansion strategy, RM1.8mil of the expected total proceeds of the RM12.88mil from our IPO will be utilised for product development and business expansion in existing and other developing markets."
As at April 16, Pestech's order book stood at RM82.20mil with contracts for projects and products. It recently obtained two letters of award for projects in Malaysia amounting to RM105.73mil.
For its financial year ended Dec 31, 2011, Pestech recorded net profit of RM12mil on the back of RM130.95mil revenue.
Pestech designs and installs high voltage and extra high voltage substations, transmission line and underground cable systems. It also manufactures propriety power systems components and equipment.
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