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.