Tech­bond makes strong de­but

The Star Malaysia - StarBiz - - News -

KUALA LUMPUR: Tech­bond Group Bhd, which man­u­fac­tures in­dus­trial ad­he­sives made its trad­ing de­but on the Main Mar­ket amid a weak over­all mar­ket, fin­ish­ing the day up 20 sen to 86 sen.

In con­trast, the bench­mark FBM KLCI was down 7.97 points or 0.47% to 1,687.02.

Turnover was 454.79 mil­lion shares val­ued at RM241.76mil.

There were 99 gain­ers, 346 losers and 196 coun­ters unchanged.

Tech­bond raised RM39.67mil from the is­suance of 60.10 mil­lion new shares.

Of the 60.10 mil­lion new shares, it of­fered 11.50 mil­lion units to the pub­lic, six mil­lion shares to el­i­gi­ble di­rec­tors and em­ploy­ees and 23 mil­lion shares were placed out to bu­mipu­tra in­vestors ap­proved by the Min­istry of In­ter­na­tional Trade and In­dus­try.

The re­main­ing 19.6 mil­lion shares were placed out to se­lected in­vestors.

Of the RM39.67mil in pro­ceeds, it planned to use RM10mil to build a fac­tory, RM17.24mil to pur­chase ma­chin­ery and equip­ment and RM7.43mil as work­ing cap­i­tal.

The re­main­ing RM5mil will be used as list­ing ex­penses.

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