Master Tec to raise RM62mil from IPO

PETALING JAYA: Master TEC Group Bhd, en route for a listing on the ACE Market of Bursa Malaysia on Jan 29, 2024, expects to raise RM61.66mil from its initial public offering (IPO).

In a statement, Master Tec said RM16.78mil, or 27.22% of the proceeds, would be used for the construction of two new medium voltage power cable manufacturing plants in Alor Gajah, Melaka, while RM24.39mil, or 39.55%, will be used to purchase new machinery and equipment.

“A total of RM16.29mil, or 26.42%, has been budgeted for general working capital and RM4.2mil, or 6.81%, would be reserved for listing-related expenses,” it said. — Bernama