PETALING JAYA: Eckem Holdings Bhd has secured approval from Bursa Malaysia for a proposed listing on the ACE Market.
The group is principally involved in the distribution, sales and application formulation of speciality industrial chemical products, which forms the core of its business and contribute the majority of its revenue.
It is also involved in the manufacturing and trading of rubber products comprising personal care and lifestyle products.
The group’s proposed initial public offering (IPO) comprises a public issue of 125 million new shares and an offer for sale of 62.5 million existing shares.
The IPO proceeds will primarily be utilised for the construction of a new corporate office, warehouse and laboratory, as well as the expansion of a new production line for the group’s rubber products segment.
A portion of the proceeds will also be allocated towards the repayment of bank borrowings and working capital requirements, while the remainder will be used to defray estimated listing expenses.
M & A Securities Sdn Bhd is the principal adviser, sponsor, underwriter and placement agent for the IPO.
