?The proposed project, if materialised, could provide Tan Chong Motor with opportunity to expand its foothold in the automotive industry in Vietnam,? the company said in a filing with Bursa Malaysia last Friday
KUALA LUMPUR: Mi Equipment Holdings Bhd plans to raise up to RM190.87mil from the issuance of new shares under its floatation exercise on the Main Market of Bursa Malaysia Securities.
In its prospectus issued on Monday, the equipment manufacturer of wafer level chip scale packaging (WLCSP) sorting machines for the semiconductor industry said it was issuing 134.428 million new shares at RM1.42 each.
Of the new shares, it said 25 million shares would be offered to the public, 17.50 million shares to eligible persons and 60.449 million shares would be placed out. The remaining 31.479 million shares would be placed out to approved Bumiputera investors.
The shareholders would also offer for sale 18.52 million existing shares which would be placed out to approved Bumiputera investors.
The listing is scheduled for June 20.
Mi Equipment said of the RM190.88mil to be raised from the issuance of new shares, it would use 34% or RM65mil to build a factory cum office in Bayan Lepas, Penang. It will also use 39.3% or RM75mil to build a new factory and office in Batu Kawan, Penang.
Another 19.3% or RM36.78mil would be used for working capital, RM6mil for research and development and the remaining RM8.10mil for listing expenses.
Mi Equipment said the board plans to recommend and distribute a dividend of at least 20% of its annual audited profit after tax attributable to the shareholders of the company.
