KUALA LUMPUR: Wentel Engineering Holdings Bhd
, which debuted flat at 26 sen on the ACE Market of Bursa Malaysia, has raised a total of RM71mil.
At midday, the counter rose two sen, or 7.69% to 28 sen. It is the most actively traded counter on Bursa Malaysia with 214.83 million shares done.
Of the total proceeds raised, RM40mil has been allocated to part finance the construction of two blocks of single-storey factory (with double storey office) and two blocks of workers’ hostel, with an additional built-up area of approximately 254,381 sq. ft.
It has allocated RM25mil to part finance the purchase new machinery and equipment for the new manufacturing plant while RM6mil of proceeds has been allocated for covering the listing expenses.
Wentel Engineering is an established metal fabricator and assembler, serving a multifaceted range of growing clienteles including amongst others, the manufacturers of security screening equipment, computer numerical control (CNC) machines, semiconductor manufacturing equipment and medical diagnostic equipment.
“The successful listing today has marked a critical milestone for Wentel Engineering in becoming a listed entity on Bursa Securities. This debut signifies the commitment of Wentel Engineering in leading our pathway to expand our manufacturing capacity and productivity.
“Under the leadership of our experienced senior management team, we are confident in projecting our trajectory toward a larger market opportunity across the core business segments we operate in,” executive director Wong Chun Wei said in a statement.
TA Securities Holdings Bhd is the principal adviser, sponsor, underwriter and placement agent to Wentel Engineering for this IPO.
