KUALA LUMPUR: Tashin Holdings Bhd expects to raise RM34.41 million under its proposed listing on the ACE Market of Bursa Malaysia Securities Bhd, scheduled on August 1.
The steel products manufacturer plans to use RM17.55 million raised from the initial public offering (IPO) to buy land in Seberang Perai, Penang for the construction of a 90,000-sq ft factory.
In a statement yesterday, managing director Lim Choon Teik said the new factory was intended to house the company’s existing manufacturing line for flat and square bars and new manufacturing line for wire mesh.
He said it would further utilise RM7.70 million to purchase machinery and equipment, RM5.96 million for general working capital and the remaining RM3.20 million for listing expenses.
Under the listing exercise, Tashin is issuing 59.33 million new shares at 58 sen per share.
Based on the enlarged share capital of 348.99 million shares, Tashin is expected to have a market capitalisation of RM202.41 million.
The IPO is open for subscription until July 19. — Bernama