QES Group to raise RM20.4m from issuance of new shares

KUALA LUMPUR: QES Group Bhd plans to raise RM20.47mil from the placement of 10% of its issued share capital or 75.83 million new shares.

It said on Friday the issue price, if fixed at 27 sen each, is a discount of about 6.9% to the five-day

volume weighted average market price of 29 sen.

QES said RM8.20mil would be used to expand its factory, RM5.3mil for research and development, RM1.5mil for expanding into China and RM4.97mil for future working capital.

Elaborating on the expansion plan, it said out of the RM8.20mil, it would allocate RM4.2mil to build a general office and engineering office, and shall be utilised toward the renovation, office equipment, engineering equipment, furniture and fittings.

The other RM3mil will be used to purchase machine assembly lines for four series of inspection/handling equipment.

As for the RM5.3mil for R&D, it said RM4mil would be used to develop a wafer stocker with automated guided vehicle.

QES Group specialises in distribution, manufacturing and provisions of engineering services for inspection, test, measuring, analytical & automated handling equipment.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

QES Group , new shares , working capital


Next In Business News

Alibaba’s Lazada hires Ant Group veteran to head up payments
ACCCIM welcomes govt approval to bring in 32,000 foreign workers for plantation sector
Gadang bags Central Spine road subcontract worth RM100mil
Digital drive propels Eco World sales growth in Q3�
KLCI in the red as key heavyweights weigh
Oil fall as US storm-hit supply makes slow return
UOB Kay Hian upbeat on gaming as NFOs restart operations
With creditor talks progress, AirAsia X eyes end-Oct meets
China seen holding benchmark rate in Sept, some expect more liquidity support
Asian shares steady, but set for weekly losses as global growth fears nag

Stories You'll Enjoy