Construction engineering company Plytec premiered on the ACE Market of Bursa Malaysia Securities Berhad with a slight premium of 1 sen at RM0.36 with an opening volume of 13,040,500 shares.
The group successfully raised a total of RM37.1 million through an offering of 106,060,600 new ordinary shares at RM0.35 each. Of the total proceeds raised, RM9.0 million has been allocated for the repayment of bank borrowings. Meanwhile, RM8.0 million will be utilised for capital expenditure and RM7.8 million has been budgeted for the construction of factories and centralised labour quarters on the Olak Lempit land. The remaining RM6.3 million, RM4.0 million, and RM2.0 million will be for working capital, estimated listing expenses, and the purchase of software systems and hardware respectively.
Based on PLYTEC’s enlarged issued ordinary shares of 606,060,600 and the opening price of RM0.36, PLYTEC’s market capitalisation works out to be approximately RM218.2 million.
PLYTEC Group Managing Director and Chief Executive Officer Yang Kian Lock said, “Today marks a major corporate milestone for us at PLYTEC as we make our debut on the ACE Market of Bursa Malaysia Securities Berhad. The listing of PLYTEC marks a step forward in our journey towards becoming a leading construction engineering solutions and services provider.
KAF Investment Bank Berhad is the Principal Adviser, Sponsor, Managing Underwriter, Joint Underwriter and Joint Placeme
