Glostrext targets RM20.1mil raised from ACE Market listing

Glostrext managing director Dr Lee Sieng Kai (fourth from left) with members of the board of directors, M&A Securities managing director of corporate finance Datuk Bill Tan (fifth from left) and other representatives from M&A Securities

KUALA LUMPUR: Glostrext Bhd is aiming to raise RM20.1mil in proceeds from its initial public offering (IPO) en route to a listing on the ACE Market of Bursa Malaysia.

In a statement, the geotechnical instrumentation and testing specialist said it plans to use RM11.7mil or 58.2% of the proceeds to expand its structural and ground instrumentation and monitoring business into Singapore, as well as for working capital.