WTEC GROUP BERHAD TO RAISE RM22.5 MILLION VIA ACE MARKET LISTING
Kuala Lumpur, 9 April 2025 – Manufacturer of foam and non-foam products, WTEC Group Berhad (“WTEC Group” or the “Company”), has successfully launched its prospectus today in conjunction with its upcoming initial public offering (“IPO”) and listing on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Securities”).
WTEC Group, through its subsidiaries (collectively known as the “Group”), is principally involved in the manufacturing and trading of both, foam and non-foam products for industries such as automotive, electrical and electronics (“E&E”), construction, medical and personal protective equipment, and others. With over 20 years of industry experience, the Group has built a strong reputation and a network of long-term customers, enhancing its market presence and business growth. Equipped with a versatile range of machinery, it caters to diverse customer needs and maintains a strong presence in Malaysia while also exporting to international markets, including Vietnam, Australia, Thailand, and other foreign countries.
Group Managing Director of WTEC Group, Mr. Tan Kok Kheng (陈国庆) said, “The launch of our prospectus today marks a defining moment for WTEC Group as we make progress towards listing on the ACE Market of Bursa Securities. This momentous milestone reflects not just our growth over the past two decades, but also our ambition to scale to new heights in the manufacturing and trading of foam and non-foam products.”
The upcoming IPO exercise is set to raise RM22.5 million, which will be utilised in the following manner:
Utilisation of IPO Proceeds | RM’000 | % |
|---|---|---|
Purchase and renovation of new factory | 9,425 | 41.81 |
Purchase of new machinery and equipment | 3,000 | 13.31 |
Sales and marketing expenses | 1,000 | 4.44 |
Working capital | 5,117 | 22.70 |
Estimated listing expenses | 4,000 | 17.74 |
Total | 22,542 | 100.00 |
