ACE Market-bound Edelteq targets RM24mil in proceeds from IPO

(From left) Edelteq EMS business unit director Chin Yuen Fong, executive director and business unit director Khong Chee Seong, independent non-executive chairman Datuk Johar Che Mat, executive director and group CEO Chin Yong Keong and UOB Kay Hian Securities (M) Sdn Bhd CEO David Lim Meng Hoe

KUALA LUMPUR: Edelteq Holdings Bhd, en route to a listing on the ACE Market of Bursa Malaysia, expects to raise RM24mil from its initial public offering (IPO) as it seeks to expand its production capabilities.

The company, which is an engineering support provider for integrated circuit assembly and test process in the semiconductor industry, said at the launch of its IPO prospectus today it planned on constructing a new factory in Batu Kawan, Penang, expected to be operational in March 2024.