Johor-based CPE Technology Bhd is offering up to 167.83 million shares in an initial public offering (IPO) as it seeks to list on Bursa Malaysia's Main Market.
CPE Technology, through its subsidiaries, is involved in engineering support services, principally in the provision of manufactured precision-machined parts and components, with over three decades of history in Malaysia and Singapore.
The 167.83 million public issue comprises 33.57 million new shares to be made available for the public, 83.92 million shares earmarked for private placements for bumiputera investors approved by the Ministry of International Trade and Industry, and 50.35 million shares made available via private placement for other institutional and selected investors.
The group intends to raise funds for the acquisition of new industrial land and construction of new plants, as well as new machinery and equipment.
A portion of the IPO proceeds will also be used to repay bank borrowings and for working capital purposes.
For the financial year 2021, the group reported net profit of RM18.68 million, up 84% from the previous financial year, while revenue rose 18% to RM93.44 million.
IPO: CPE Technology Berhad, Potential IPO - Main Market
Aug 9 2022, 06:11 PM, updated 3y ago
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