ACE Market debutant Master Tec opens flat at 39c

KUALA LUMPUR; Wires and cables manufacturer Master TEC Group Bhd made a flat debut on the ACE Market of Bursa Malaysia Securities Bhd today at its initial public offering (IPO) price of 39 sen per share.

The group aims to raise RM61.66 million from the IPO, with RM24.39 million or 39.55 per cent of the proceeds allocated for the purchase of new machinery and equipment, and RM16.78 million or 27.22 per cent designated for the construction of two new medium voltage (MV) power cable manufacturing plants in Alor Gajah, Melaka.