KUALA LUMPUR: Shares in Crest Group Bhd rose 12.85% as it commenced trading on the ACE Market of Bursa Malaysia, following a successful initial public offering (IPO) that raised RM45.75mil.
The trading stock of the semiconductor manufacturing solutions firm opened 4.5 sen higher to 39.5 sen a share.
As at 9.40am, it had pared gains to 35 sen a share after 66.16 million shares traded, making it the second most active counter on the market.
The company said that out of the total proceeds raised, RM15.76mil will be allocated for the company’s new headquarters in Selangor.
It also plans to allocate RM14.52mil to expand its presence into key markets by opening new offices in Ho Chi Minh City, Vietnam, as well as Chengdu and Shenzhen in China.
Another RM5.87mil has been earmarked for the purchase of additional demonstration equipment, and RM3.6mil will be used to expand the technical support and maintenance teams to better serve existing and future customers.
Crest Group chairman Ahmad Tajudin Omar said the group is committed to providing imaging, analytical, and test solutions that are crucial to various industries, including semiconductor, electrical and electronic, automotive, and healthcare.
"In line with our growth strategy, we plan to further expand our business, including new operations in Vietnam, while enhancing our technical support and maintenance services.
"With the rising adoption of IoT and Industry 4.0, we are well-positioned to meet the increasing demand for our solutions, supported by government initiatives in the E&E and aerospace sectors," he said in a statement.
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