KUALA LUMPUR: Powerwell Holdings Bhd plans to raise RM21.8mil from its proposed listing on the Ace Market by issuing 87.4 million new shares at 25 sen.
The company’s core businesses are designing and manufacturing and trading of electricity distribution products including low voltage switchboards, medium voltage switchgear and related products.
It said in a statement yesterday that of the RM21.85mil, the company will allocate RM10.27mil for capital expenditure including purchase of machinery and equipment and the enhancement of its enterprise resource planning systems and hardware.
Upon its listing, its market capitalisation would increase to RM145.14mil based on its enlarged share capital of 580.55 million shares.
The public issue of 87.4 million new shares comprise of 23.80 million shares for the public; 60.70 million units will be placed out to approved bumiputra investors; and the remaining 2.90 million shares will be placed out.
Of the 58.06 million existing shares, Powerwell will offer 8.35 million shares to its eligible directors and employees while the bulk or 49.71 million units will be placed out to institutional and selected investors. The listing date is Jan 22.
Did you find this article insightful?