Ke­ju­ruter­aan Asastera to raise RM20mil from list­ing

The Star Malaysia - StarBiz - - News -

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%.

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