Smart Asia Chemical to raise RM37mil from IPO

KUALA LUMPUR: Smart Asia Chemical Bhd, which is en route to a listing on the ACE Market of Bursa Malaysia on May 28, 2024, aims to raise RM37.4mil from its initial public offering (IPO).

Its non-independent executive director- cum-chief operating officer Lim Kok Beng said the proceeds raised from the IPO will enable the company to cater to its next phase of its business expansion.

Smart Asia Chemical has earmarked RM16mil (42.78%) of the proceeds to finance the construction of the Perak plant and RM11mil (29.41%) to part finance the purchase and commissioning of an automated paint production system in its Perak plant.

“Another RM5mil (13.37%) has been set aside for the purchase of 250 sets of Smart Colour POS (point-of-sale) Tinting Machine. The remaining proceeds will be utilised for working capital and listing-related expenses,” Lim said during the launch of the company’s prospectus here, yesterday. — Bernama