KUALA LUMPUR: Plytec Holding Bhd made its debut on the ACE Market of Bursa Malaysia at 36 sen, reflecting a 2.86 per cent premium to its initial public offering (IPO) price of 35 sen.
The company raised RM37.1 million from the IPO.
Of the total amount, RM9 million has been allocated for the repayment of bank borrowings.A total of RM8 million will be utilised for capital expenditure and RM7.8 million has been budgeted for the construction of factories and centralised labour quarters on the Olak Lempit land.
The remaining RM6.3 million, RM4 million, and RM2 million will be for working capital, estimated listing expenses and the purchase of software systems and hardware respectively.
Plytec group managing director and chief executive officer Yang Kian Lock said the listing marked a step forward in its journey towards becoming a leading construction engineering solutions and services provider.
"We are confident in our capabilities and are excited to continue growing as a company as we leverage on our expertise to contribute to the construction industry," he added.