Amlex debuts at 15.5 sen on LEAP Market

0

The electronic packaging and interconnect solutions provider aims to broaden its electronic packaging and interconnect solutions for the automotive industry after listing on Bursa Malaysia’s LEAP Market.

KUALA LUMPUR: Penang-based Amlex Holdings Bhd debuted on the Bursa Malaysia’s Leading Entrepreneur Accelerator Platform (LEAP) Market at 15.5 sen, a half-a-sen premium over its issue price of 15 sen per share.

The company, which is involved in electronic packaging and interconnect solutions for the semiconductor and electronics industry, aims to raise RM6.03 million from the listing.

In its previous statement, the company said it planned to utilise RM3.2 million (53 per cent) of the proceeds raised as capital expenditure to set up and build a new in-house designed rack plating machine and an additional reel-to-reel electroplating plating machine, testing and quality assurance equipment, as well as facility upgrade.

“We will utilise RM1.03 million (17.1 per cent) for general working capital requirements, RM800,000 (13.3 per cent) for research and development.

“The remaining RM1.0 million (16.6 per cent) will be used for the listing expenses,” Amlex said.

Moving forward, it said the group’s plans and strategies would centre on broadening the company’s electronic packaging and interconnect solutions for the automotive industry, increasing production capacity through investments in new equipment and facility upgrade.

“We plan to offer a broader and diversified range of electronic manufacturing services and expand the application of our lead frame products,” Amlex added.

Amlex’s customers include multinational companies in the semiconductor, consumer electronics, automotive, lighting, industrial electronics and medical industries.

Meanwhile, the electronic packaging and interconnect solutions provider aims to broaden its electronic packaging and interconnect solutions for the automotive industry after listing on Bursa Malaysia’s LEAP Market.

Co-founder and managing director Lim Say Soon said the company sees great opportunities for its expertise and manufacturing process following the integration and usage of more electronics in the automotive sector.

“We believe demand for automotive lighting products will be positive given the regulations requiring the installation of daytime running lights for new passenger and commercial vehicles in the European Union, the United Kingdom and Canada,” he said in a statement yesterday.

Under the listing exercise, Amlex raised RM6.03 million via a private placement of 40.2 million shares in Amlex at RM0.15 per share to sophisticated investors.

Of the total proceeds raised, RM3.20 million will be utilised for capital expenditure, RM1.03 million for general working capital requirements, RM0.8 million for research and development, while the remaining RM1.0 million will be used for the listing expenses.

Lim said the company would invest RM300,000 to build a new in-house designed rack plating machine, which was estimated to have a plating capacity of 400,000 units per month.

“The new rack plating line will enable Amlex to plate piece part lead frames, using nickel and gold, for the high reflectivity LED lightings used in the automotive industry,” he added.

For the financial year ended Mar 31, 2018, Amlex reported a net profit of RM2.20 million and revenue of RM39.30 million. — Bernama