KUALA LUMPUR: WTEC Group Bhd
’s share price was lower in the morning session after debuting on the ACE Market of Bursa Malaysia Securities Bhd today.
At 10.36 am, the company’s share price fell by one sen to 24 sen, with 22.48 million shares traded.
Earlier, the manufacturer and trader of foam and non-foam products made its debut at 24.5 sen, a discount of half-a-sen from its IPO price of 25 sen.
The company aimed to raise RM22.54 million from the IPO, of which RM9.42 million (41.8 per cent) will be used to purchase and renovate a new factory, and RM3 million (13.3 per cent) will be for purchasing new machinery and equipment.
The rest of the proceeds will be for working capital (RM5.12 million), sales and marketing expenses (RM1 million), and estimated listing expenses (RM4 million). - Bernama
