新2最新网址(www.hg108.vip):ACE Market-bound ECA Integrated expects to raise RM25.5mil from IPO

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KUALA LUMPUR: Automated manufacturing solutions provider ECA Integrated Solution Bhd, en route for a listing on Bursa Malaysia’s ACE Market on Nov 23, 2022, expects to raise RM25.5 million from its initial public offering (IPO).

Executive director cum chief executive officer Ooi Chin Siew said of the IPO proceeds, RM7.7 million (30.2 per cent) would be used for the acquisition of machinery to augment its technical capabilities and to cater for higher production output.

"These advanced machines enable greater customisability of its solutions to better suit customers’ needs and to handle a larger volume of complex fabrication works.

"Another RM14.0 million (54.9 per cent) is earmarked for working capital in preparation to take on more jobs, while the remaining RM3.8 million (14.9 per cent) is to be used for repayment of bank borrowings and listing expenses,” he briefed the media after launching the company’s prospectus here today.

ECA Integrated is principally engaged in the provision of integrated production systems) and stand-alone automated equipment.

It also provides after-sales service for technical support and spare parts.

Ooi said the enhanced operational and manpower resources will act as a cornerstone for the group to capitalise on the existing and future growth opportunities.

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"As at Oct 5, 2022, our total workforce stands at 74 employees and we are looking to hire more local engineers for our output expansion,” he said, adding that the company has zero foreign labour.

Ooi said 53 per cent of its revenue for the financial year ended Oct 31, 2021, was derived from overseas markets including Eastern and Western Europe, China, Singapore, Vietnam, the Philippines and the United States.

He noted that by tapping into the equity capital market, ECA Integrated can expedite its growth as the fresh funds will endow the company with greater agility in its expansion plans to capitalise on prospects ahead.

Meanwhile, executive director cum chief operating officer Chua Lye Hock said that steered by digital transformation in the manufacturing industry, manufacturers worldwide are accelerating the shift towards automation to attain higher production output while simultaneously reducing reliance on manpower.

"With the proven track record of our customised automation solutions, ECA Integrated has today a clientele comprising foreign multinational corporations that are listed, amongst others, on the New Stock Exchange, Nasdaq and Frankfrut Stock Exchange.

"Post listing, beyond expanding our capability and capacity, we are looking into offering smart factory solutions, for which we have already received enquiries from a key customer,” he said.

To date, the company has grown its global customer base to 21 from 17 previously, Chua said.

Moving forward, Ooi said the company has set a target to distribute up to 20 per cent of its annual profit after tax attributable to its shareholders.

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