Greatech to raise RM73m from IPO


KUALA LUMPUR: Greatech Technology Bhd, an industrial automation solutions provider, aims to raise RM73.05mil from its initial public offering (IPO), said chief executive officer Tan Eng Kee.

Of the total proceeds, RM18mil would be utilised for business expansion and development and marketing activities, RM5 million for capital and research and development expenditure and RM36.55 million for working capital, he said.

The remaining RM8.5mil would be used for repayment of bank borrowings and defrayment of IPO expenses, he said.

"We try to expand our footprint in the US market, so we are going to establish office, engineering sales and services support in the country and small portion China.

"We are looking at the east coast, Arizona and some in the area of Silicon Valley...(hope to start to commence) in the second half of this year," he told press conference after launching the company's prospectus here on Monday. - Bernama


Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 0
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!
   

Next In Business News

Sunway REIT stays upbeat amid improving retail, hotel performance
FBM KLCI stays in range-bound trading ahead of peak earnings period
Ringgit extends winning streak on expectation of slower US interest rate hike
Elon Musk’s mysterious ways on display in Tesla tweet trial
MAHB's passenger throughput expected to rise in 2023
Bursa Malaysia sees net foreign outflow of RM57.8mil in holiday-shortened week
Corporate earnings in view for February trading
Trading ideas: Revenue, MAHB, SCIB, Hextar Industries, EcoFirst and LYC
Influencers focused on strengthening their niche
Seeing green

Others Also Read