PETALING JAYA: Chemlite Innovation Bhd has filed for an initial public offering (IPO) on the ACE Market of Bursa Malaysia to raise funds to expand its operations.
The IPO will entail a public offering of new shares of 20% of the company and an offer for sale of 10% of the enlarged company.The company, which is an engineering support services provider, primarily serves companies in the semiconductor and electrical and electronics industries.
It planned to set up an additional operating facility which is expected to be operational within three years after the listing.
The new facility will be dedicated to its anodising process and is expected to house at least four fully automated lines and four semi-automated metal plating lines, it said.
It also intends to acquire a parcel of vacant industrial land with an area of at least three acres for the construction of the new facility with a built-up of at least 100,000 sq ft in Penang.
It is carrying out the surface finishing treatment processes at the Penang Science Park Facility, which has a total built-up area of some 50,000 sq ft.
