KUALA LUMPUR: WF Holding Limited, a Malaysia-based producer of fiberglass reinforced plastic (FRP) products, has listed its stock on the Nasdaq Capital Market under the ticker symbol “WFF" after completing its initial public offering (IPO).
The company expects to receive aggregate gross proceeds of US$8mil (RM35.42mil) from the offering, before deducting underwriting discounts and other related expenses.
In a statement, WF said the proceeds from the offering would be used to expand production capacity, hire and train staff, support working capital, and cover general corporate purposes.
Datuk Lua Choon Hann, the former group executive vice chairman of PRG Holdings Bhd
and a former independent director at the Malaysian Investment Development Authority (MIDA), has been appointed as an independent director of WF Holding.
Joining him on the company’s board of directors is Datuk Lee Chee Leong, former Deputy Finance Minister of Malaysia.
“Our listing on the Nasdaq is a significant milestone for WF Holding, allowing us to expand our product range, capacity and workforce to meet growing global demand for FRP,“ WF Holding chief executive officer Chee Hoong Lew said.
"We are excited to continue our growth in Malaysia and key international markets like Australia and Singapore, delivering high-quality FRP products and solutions to our customers. Our expansion plan includes acquiring existing plants, setting up manufacturing facilities, or strategic partnerships.
"We also aim to widen our product offerings through mergers and acquisitions (M&A), in-house product development, and investments in technology and machinery. Ultimately, we are positioning ourselves to capitalise on growing demand for FRP across diverse industries such as oil and gas, air pollution control systems, and renewable energy,” Chee said.
WF Holding's shares closed at US$3.75 each on the first day of trading, giving it a market capitalisation of US$93.56mil (RM414.19mil).
