Chief executive officer Lee Chen Yeong
KUALA LUMPUR: Main Market-bound CPE Technology Bhd
is seeking to raise RM179.58mil from its Dec 7 initial public offering (IPO) to drive its expansion plans.
Chief executive officer Lee Chen Yeong said its objective was to speed up the engineering support services provider’s growth and potential.
“The bulk of our proceeds will go towards the construction of new plants and the purchase of machinery and equipment to optimise production to cater to the increasing demand, both locally and internationally,” Lee said at the launch of its prospectus yesterday, adding that it has an unbilled order book of RM69.27mil.
Part of the proceeds would be utilised to purchase raw materials such as stainless steel and aluminium from overseas suppliers.
The stocking of raw materials on site will help the company maintain supply while mitigating rising shipping costs due to price fluctuation.
He said RM69.6mil of the IPO proceeds would be used to acquire industrial land and to build a new plant. — Bernama
