EA Technique to raise RM74.1mil from IPO

KUALA LUMPUR: EA Technique (M) Bhd is targeting to raise up to RM74.1mil from its initial public offering (IPO) exercise, which involves the sale of 129 million shares at an issue price of 65 sen.

The company, which focuses on marine transportation and offshore storage of oil and gas as well as the provision of port marine vessels, said it intended to use a major portion of its IPO proceeds for the repayment of bank borrowings, capital expenditure and working capital to finance the expansion of its fleet and existing shipbuilding capabilities.