Dec 6 2018, 04:57 PM, updated 6y ago
Greatech Technology Bhd, an automated equipment manufacturer, is applying for an initial public offering (IPO) on ACE Market, which involves selling 119.75 million shares or 19.13% of the group’s enlarged issued share capital of 626 million shares.
Proceeds from the exercise will be used for business expansion and development, and market activities (25.47%), 7.08% for capital expenditure, 7.08% for research and development, 48.34% for working capital, 7.08% to repay bank borrowings and 4.95% for estimated listing expenses.
Under the IPO, 18.78 million shares will be offered to the Malaysian public, 9.39 million shares for eligible directors, employees and persons who have contributed to the success of the group, 22.72 million shares are meant for placement to selected investors, while the remaining 68.86 million shares are placed to bumiputera investors approved by the international trade and industry ministry.
According to the group’s draft prospectus filed with the Securities Commission Malaysia, Greatech Technology’s products range from single automated equipment up to a production line system which comprises multiple automated equipment.
These types of automated equipment are used in the manufacturing of solar cells, solar modules, semiconductors and consumer electronics.
Greatech Technology predominantly serves the overseas markets that include Vietnam, the US, the Philippines, Ireland, China and Hong Kong.
For the financial period ended May 31 this year, the group reported a revenue of RM74.23 million, of which 81.21% comprised overseas sales.
The group’s board of directors consists of independent non-executive chairman Ooi Hooi Kiang, chief executive officer Tan Eng Kee, chief operating officer Khor Lean Heng, and two independent non-executive directors Mariamah Daud and Ooi Ching Hock.
Tan has a 91.5% shareholding in the group through GTECH Holdings Sdn Bhd before the IPO, and the stake will be diluted to 74% after the public listing. Tan owns 90% stake in GTECH, while the remaining 10% is held by Khor.
SmartCap Venture Sdn Bhd, which owns 4.5% stake in Greatech Technology, is equally owned by Khoo Choon Keat and See Bee Hoon.
The remaining 4% stake in Greatech Technology is owned by LLH Holdings Sdn Bhd, which is 50% owned by Koay Lin Lin, 25% by Lee Choong Li, and 25% by Lee Hong Wah.
The group’s net profit jumped over three times to RM19.06 million for the financial year ended Dec 31, 2017 (FY17), from RM5.81 million in FY16. Revenue leaped over four times to RM93.91 million, from RM22.7 million.
http://www.theedgemarkets.com/article/grea...expand-business
This post has been edited by nexona88: Jul 25 2020, 06:42 PM
Greatech Technology Bhd (0208), Technology - ACE Market
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pondan !.
failed 3 % Chickenfeed in a year !
, guess ?
$$$$$
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