Wentel Engineering Holdings Berhad premiered as a public-listed company on the ACE Market of Bursa Malaysia Securities Berhad with the share price opening at RM0.26 equivalent to the initial public offering price.
The company is an established metal fabricator and assembler, serving a multifaceted range of growing clienteles including amongst others, the manufacturers of security screening equipment, computer numerical control (CNC) machines, semiconductor manufacturing equipment and medical diagnostic equipment.
Wentel Engineering successfully raised a total of RM71 million through an offering of 273,200,000 new ordinary shares at RM0.26 each. Of the total proceeds raised, RM40.0 million has been allocated to part finance the construction of 2 blocks of single-storey factory (with double storey office) and 2 blocks of workers’ hostel, with an additional built-up area of approximately 254,381 sq. ft. Meanwhile, RM25.0 million will be utilised to part finance the purchase new machinery and equipment for the new manufacturing plant. RM6.0 million of proceeds has been allocated for covering the listing expenses.
TA Securities Holdings Berhad is the Principal Adviser, Sponsor, Underwriter and Placement Agent to Wentel Engineering for this IPO.
