ASM Automation targets RM21.82 million proceed from Bursa listing
KUALA LUMPUR: Automation machinery solutions specialist ASM Automation Group Bhd aims to raise gross proceeds of RM21.82 million from its initial public offering (IPO), en route to a listing on the ACE Market of Bursa Malaysia.
Priced at 17 sen per share, the IPO will offer up to 34 per cent stake in the company.
The IPO involves a public issue of 128.34 million new shares, representing 24 per cent of ASM Automation's enlarged issued share capital of 534.77 million shares.
It also includes an offer for sale of 53.48 million existing shares, equivalent to 10 per cent of the enlarged issued share capital.
Application will close on June 19, and the company is scheduled for listing on July 2.
ASM Automation plans to allocate RM11.40 million or over half of the IPO proceeds for the acquisition of 70,000-square-feet land and construction of a new factory to increase production and assembly capacity.
A total of RM2.3 million or 10.5 per cent is earmarked for purchase of machinery, equipment and components used in assembling demonstration machineries to support operational growth and customer engagement.
The company also will use RM2 million or 9.2 per cent of the proceeds for design and development activities to enhance research and development capabilities, while RM1.92 million or 8.8 per cent is for working capital to support day-to-day operations.
The remaining RM4.2 million or 19.3 per cent of the proceeds will be used to pay the listing expenses.
ASM Automation managing director Chan Kok Heng said it is now well-positioned to deepen its technical capabilities and expand its market reach, having evolved from a local custom automation provider into a trusted name in the automation machinery solutions industry.
"The IPO will not only provide the funding required for our expansion plans but also enhance our visibility and credibility as a public-listed automation machinery solutions provider.
"With these resources, we aim to scale our innovation, manufacturing capacity and export footprint to deliver even greater value to our customers," he said in a statement.
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