Kejuruteraan Asastera to raise RM20mil from listing
KUALA LUMPUR: Kejuruteraan Asastera Bhd plans to raise RM20mil from its listing on the Ace Market of Bursa Malaysia.
According to its prospectus issued yesterday, the electrical engineering services company plans to sell 80 million new shares at an offer price of 25 sen each.
Of the new shares, 16 million units would be offered for sale to the public, eight million to the directors and eligible employees and 56 million to be placed out.
Kejuruteraan Asastera will also place out 32 million of its existing shares to institutional and selected investors also at 25 sen each.
It would use RM12.10mil of the proceeds for working capital, of which RM7.50mil would be for projects costs, RM2.60mil for purchase of materials and components and RM2mil for human resources.
A total of RM2.20mil would be used for capital expenditure, RM1.60mil for repayment of borrowings and RM3.50mil for listing expenses.
It planned to expand its market share by tendering for affordable housing projects and prviding maintenance services.
Kejuruteraan Asastera said electrical engineering services are its core business which accounted for 87.5% of its its revenue in 2014 while in 2015 it was 92.9% and in 2016, it was 87.2%.