EPB targets RM40mil from IPO

From left: EPB Group independent non-executive director Stephen Chua Chee Keong, independent non-executive director Ooi Hun Pin, WYNCORP Advisory Sdn Bhd Moh Jiun Haur, EPB Group deputy managing director Liew Meng Hooi, independent non-executive chairman Noor Azman Nordin, managing director Yeoh Chee Min, executive director Ooi Kim Kew, Malacca Securities Sdn Bhd managing director Lim Chia Wei and EPB Group independent non-executive director Khor Chai Tian.

PETALING JAYA: One-stop food processing and packaging machinery solutions provider EPB Group Bhd aims to raise RM40.08mil through its initial public offering (IPO) on the ACE Market of Bursa Malaysia.

Its IPO entails a public issuance of 71.57 million new ordinary shares at 56 sen each and an offer for sale of 40 million shares by existing shareholders.

Under the public issue, 19.57 million new shares will be made available to the public while 21.19 million shares will be offered to eligible parties such as directors, key senior management, eligible employees and business associates.

The remaining 30.80 million of the 71.57 million shares will be set aside for selected investors approved by the Investment, Trade and Industry Ministry (Miti) by way of private placement.

The offer for sale portion will see some 15.7 million shares offered to bumiputra investors approved by Miti while another 24.3 million offer shares are reserved for sale to selected investors via private placement.

Managing director Yeoh Chee Min said RM24.6mil, equivalent to 61.37% of the proceeds from the IPO, will be allocated towards factory expansion plans.

The remaining RM8.48mil will be used as working capital while RM3mil to repay bank borrowings.