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