ACE Market debutant Master Tec opens flat at 39 sen

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

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