ASM Automation aims to raise RM22mil from listing on ACE Market
KUALA LUMPUR: Automation machinery solutions specialist ASM Automation Group Bhd aims to raise RM21.82 million through its initial public offering (IPO) en route to a listing on the ACE Market of Bursa Malaysia on July 2.
In a statement yesterday, ASM Automation said the IPO involves the public issue of 128.34 million new shares, representing 24% of its enlarged share capital of 534.77 million shares. It said there will be an offer for sale of 53.48 million existing shares, equivalent to 10% of the enlarged share capital. IPO shares will be issued at an IPO price of RM0.17 per share.
ASM Automation said RM11.40mil will be utilised for the construction of a new factory, RM2.30mil for the purchase of machinery, and the acquisition of equipment and components for demonstration machinery to support operational growth and customer engagement, RM2mil to enhance research and development capabilities, RM1.92mil for working capital to support day-to-day operations and RM4.2mil for listing expenses.
The company's managing director Chan Kok Heng said the IPO proceeds will fuel the company's next phase of expansion.
He said the IPO would not only provide the funding required for its expansion plans but also enhance its visibility and credibility as a publicly listed automation machinery solutions provider.
M&A Securities is the IPO's principal adviser, sponsor, underwriter and placement agent, while Eco Asia Capital Advisory Sdn Bhd is the financial adviser. — Bernama
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