PETALING JAYA: ACE Market-bound WTEC Group Bhd
’s initial public offering (IPO) of 24 million shares allocated to the Malaysian public, at 25 sen a piece, has been oversubscribed by 1.61 times.
The foam and non-foam products manufacturer saidit received 2,055 applications for 62.69 million shares, valued at approximately RM15.67mil.
“The 9.6 million shares made available for application by the eligible directors, employees and persons who have contributed to the success of the group have been fully subscribed.
“Meanwhile, the private placement of 56.6 million shares and 3.4 million offer shares to bumiputra investors approved by the Investment, Trade and Industry Ministry, along with the private placement of 39.8 million offer shares to selected investors, are also fully taken up,” the group said in a statement.
