Wentel Engineering targets proceeds of RM71.03mil from ACE Market IPO

From left: TA Securities head of corporate finance Ku Mun Fong, Wentel Engineering independent non-executive director Siow Chin How, non-independent executive director Wong Chun Wei, non-independent and non-executive chairman Ban Kim Wah, independent non-executive director Soo Wee Loon and independent non-executive director Wang Sze Min

KUALA LUMPUR: ACE Market=bound Wentel Engineering Holdings Bhd is targeting estimated proceeds of RM71.03mil from its initial public offering (IPO) to cater for the next phase of its business expansion.

At the launch of its prospectus, the group said it will issue 273.2 million new shares at a price of 26 sen a share.