Construction player, PLYTEC Holding Berhad unveiled the prospectus for its initial public offering with the aim to raise capital from the markets as it proposes listing on the ACE Market of Bursa Malaysia Securities Berhad in November 2023.
Based on the retail price of RM0.35 per share, the IPO exercise is expected to raise up to RM37.1 million for PLYTEC, of which it said 24.2% will be utilised for the repayment of borrowings; 21.6% has been budgeted for capital expenditure; 21.0% will be used for construction of factories and centralised labour quarters on PLYTEC’s Olak Lempit Land; 17.0% will be utilised for working capital; 10.8% will be used for estimated listing expenses; and 5.4% will be utilised for the purchase of software systems and hardware.
Based on the enlarged share capital of 606.0 million shares and the retail price of RM0.35 per share, PLYTEC’s market capitalisation works out to approximately RM212.1 million.
PLYTEC Group Managing Director/Chief Executive Officer Mr. Yang Kian Lock said, “PLYTEC has experienced significant changes and growth over the course of more than 20 years in the industry. We are filled with excitement as we embark on the next phase of our corporate voyage. With the funds raised from this IPO, we intend to utilise a significant portion of the proceeds to enhance our capacity and capabilities with the aim of capturing a larger share of the market.
The public issue portion of the IPO will be made available from today and application will close on Tuesday, 31 October 2023 at 5.00 p.m.
KAF Investment Bank Berhad is the principal adviser, sponsor, managing underwriter, joint underwriter and joint placement agent for this IPO exercise, and Kenanga Investment Bank Berhad is the joint underwriter and joint placement agent.
