ACE Market-bound Coraza plans to raise RM33mil from IPO

From left: M&A Securities Sdn Bhd head of corporate finance Gary Ting, M&A Securities managing director of corporate finance Datuk Bill Tan, Coraza Integrated Technology Bhd executive chairman Tony Ng and Coraza managing director Lim Teik Hoe.

KUALA LUMPUR: Integrated engineering supporting services provider Coraza Integrated Technology Bhd expects to raise RM33mil under its listing on the ACE Market of Bursa Malaysia for business expansion.

In a statement Wednesday, Coraza said it planned to use RM15.5mil (47.0%) raised from the initial public offering (IPO) to purchase new machinery over the next three years for its existing and new factory in Nibong Tebal, Penang