The Nasdaq building in New York. — Bloomberg
KUALA LUMPUR: Fiberglass reinforced plastic producer WF Holding Ltd has filed with the US Securities and Exchange Commission (SEC) to raise up to US$10mil in an initial public offering (IPO) to list on the Nasdaq.
The Shah Alam-based company plans to raise US$10mil by offering two million shares at a price range of US$4 to US$6, according to WF Holding's prospectus, which has just been made available on the SEC website.
WF Holding manufactures fiberglass-reinforced plastic (FRP) products. With over 30 years of experience, the company has supplied high-quality and durable FRP solutions to various industries, including chemical processing, water and wastewater treatment, and power generation.
“We plan to increase our production capacity by procuring another two-acre factory with a production space of around 40,000 sq feet, which would increase our current production floor capacity by 150%.
“We also plan to increase our workforce by adding an additional 50 workers and we plan to acquire a new hostel to house such workers in accordance with local requirements for worker accommodations.
“We plan to use 25% of the net proceeds from this offering to finance the acquisition of the two-acre factory, and 11% to fund the hiring of additional workers. As of the date of this prospectus, we have not entered into any letter of intent, agreement or other undertakings for the foregoing plans,” WF Holding said.
Bursa Malaysia-listed PRG Holdings Bhd
's group executive vice chairman, Datuk Lua Choon Hann, has been appointed as an independent director of WF Holding, alongside Datuk Lee Chee Leong, the former Deputy Finance Minister.
