PETALING JAYA: Eckem Holdings Bhd has entered into an underwriting agreement with M&A Securities Sdn Bhd for its initial public offering (IPO) on the ACE Market of Bursa Malaysia.
In a statement, the specialty industrial chemical solutions provider said its IPO involves the issuance of 125 million new shares and an offer for sale of 62.50 million existing shares.
“The IPO proceeds will be utilised to fund key strategic initiatives, including the construction of a new corporate office, warehouse and laboratory, alongside the addition of a new production line for the group’s rubber products segment.
“The remaining funds will be used for the repayment of bank borrowings, support ongoing working capital needs, and cover expenses related to the listing exercise,” said the company.
“These allocations are intended to reinforce its operational foundation,” it added.
