Thursday 28 Mar 2024
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PETALING JAYA (Feb 8): QES Group Bhd, en route to list on the ACE Market of Bursa Malaysia on March 8, is looking to raise RM28.82 million through the initial public offering (IPO).

QES's IPO exercise entails the issuance of 151.66 million new shares, representing 20% of its enlarged share capital, at an issue price of 19 sen per share.

QES's core business is the distribution of inspection, test and measurement equipment, materials and engineering solutions. It also manufactures optical inspection equipment, automated handling equipment and advanced wafer measurement system.

As at Jan 8, 2018, its order book stood at RM45.3 million.

Managing director and president Chew Ne Weng said out of the proceeds raised from the IPO, RM10.7 million will be used as capital expenditure.

"We plan to purchase demonstration equipment for its distribution division to increase production and to upgrade the information technology equipment for operational use for our subsidiaries in the Asean region," he said at its prospectus launch ceremony here today.

The group will use RM7 million to repay bank borrowings, RM4.9 million to develop three key products in the manufacturing division, RM3.3 million for working capital and RM3 million to defray listing expenses for the IPO.

To date, QES has more than 2,400 customers and installed base of more than 8,000 units of equipment spread across Malaysia and Asean.

 

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