KUALA LUMPUR: LEAP Market-listed Enest Group Bhd
aims to raise RM15.11 million from its initial public offering (IPO) as part of its transfer to the ACE Market of Bursa Malaysia Securities Bhd.
Most of the proceeds will be allocated for repaying bank borrowings, supporting working capital, and covering listing expenses.
Its chief financial officer, Christopher Tan Yew Leong, said the bank borrowings were mainly used to finance the acquisition of two factory properties in Sepang and Kajang, Selangor, which are classified as investment properties.
He said the group is also strengthening its growth trajectory through the development of a new Kajang facility for in-house manufacturing of bottled bird’s nest products and other health beverages, with an annual maximum capacity of approximately 300,000 bottles.
"We have acquired two factories as part of our expansion plans. One facility in Sepang will support our raw unclean bird’s nest (RUBN) trading business, while a new RM12 million factory in Kajang will process edible bird’s nests and manufacture bottled bird’s nest products,” said Tan at the group’s prospectus launch held in conjunction with its listing on the ACE Market here today. - Bernama
