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: 18
Cxense type: free
User access status: 3
   

Did you find this article insightful?

Yes
No

Next In Business News

Oil price drops on US$ strength and OPEC+ supply expectations
GLOBAL MARKETS-Globals stock slide on inflation fears
AMMB says it has enough capital to absorb 1MDB global settlement�
Top Glove seeks RM7.77bil by selling new shares in Hong Kong
AMMB agrees to RM2.83bil global settlement over 1MDB
Serba Dinamik net profit soars to RM631.7mil in 2020
MMC FY20 net profit up 47% to RM375m
CIMB sees less provisions in 2021 after coronavirus-hit 2020
FBM KLCI pares losses but still in red
Petronas records net profit of RM10.5b for FY20 excluding impairments

Stories You'll Enjoy


Vouchers