Seng Fong plans to raise RM68.1mil proceeds from Main Market IPO

KUALA LUMPUR: Rubber processor Seng Fong Holdings Bhd is aiming to raise gross proceeds of about RM68.1mil from its initial public offering (IPO) on the Main Market of Bursa Malaysia, the bulk of which will go towards repaying bank borrowings and working capital.

“Our immediate objectives from the listing are to optimise production by increasing our total annual capacity through the hiring of additional workers for a second working shift and implementing the ESG initiatives to make our business to be more sustainable," said managing director Er Hock Lai in conjunction with the launch of the company's IPO prospectus.