KUALA LUMPUR, 15 JULY: Coraza Integrated Technology Bhd, a sheet metal fabricating company, has filed a draft prospectus for an initial public offering (IPO) on the ACE market. The proposed IPO will comprise 139.21 million shares, according to its draft IPO prospectus filed on the Securities Commission Malaysia website, with 117.79 million new shares and an offer for sale of up to 21.42 million existing shares.
The Malaysian public, qualifying directors and staff will each receive 21.42 million new shares, while the remaining 79.96 million will be offered through a private placement to chosen investors.
The revenues from the IPO would be used to construct a new plant with an estimated cost of RM14.28 million.
It also intends to utilize a portion of the funds to expand its current factory, buy new machinery, adopt an enterprise resource planning system, and repay bank loans.
M&A Securities has been named as the initial public offering (IPO) consultant, sponsor, underwriter, and placement agent.
Coraza Integrated Technology’s main business is the manufacturing of sheet metal and precision machined components, as well as related services./n
