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.

Meanwhile, RM16.29mil or 26.42% is allocated for general working capital and the remaining RM4.2mil or 6.81% for listing expenses.

Chief executive officer Tee Kok Hwa said the company aims to market its new MV power cables primarily to capital-intensive manufacturing industries.

“These include automotive plants, semiconductor fabrication plants, chemical plants, data centres, electric vehicle charging station facilities, renewable energy facilities and manufacturing plants,” he said yesterday. — Bernama

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