Petaling Jaya: Geotechnical Solutions and Specialist Engineering Company Fibromat (M) BHD aims to raise the RM 17.8 million, which funds the company’s listing to purchase new machinery with transfer to Ace market in Malaysia.
Fibromat was listed in the leap market on 30 May 2019.
Of the total income, RM7.6 million (42.6%) will be used to purchase machinery, RM6.7 million (37.8%) for working capital and RM3.5 million (19.6%) to list expenses.
Fibromat Managing Director and CEO NG Qin Boon said that the company plans to use the Income of Early Public Offer (IPO) to buy new machines to be installed in its factory in RASA, Selangore.
“We intend to expand our offer of erosion control blanket by purchasing two units of sewing machines, which can produce four units of jute-based erosion control blankets and multifilter bag dust collectors, which can be associated with the erosion control blanket stitching machine, which can be associated with the company’s Epoi Procession Law today.
The NG said that Fibromat has intended to expand pre-home capabilities, including the installation of prefabricated vertical drains (PVDs). For-the-zamini improvement purposes, the geosynthetics-one PVD installation team set up in the soft ground and purchased five units of hydraulic excavation.
In addition, the company intends to expand its market appearance in eastern Malaysia, where it first ventured in 2017.
“We are now actively bidding for several work packages for the Saba Pan Borneo Highway Phase 1B project, which is priced at RM15.7 billion and in eastern Malaysia is the price of RM7.4 billion in Sarwak-Sambha Link Road Project.
He said, “We actively bid for several task packages for maintenance of state roads and maintenance of RM5.4 billion infrastructure under budget 2024,” he shared.
Depending on an increased share capital of 248.3 million ordinary shares and an IPO price of 55 Sen per share, Fibromat is expected to have a market capitalization of RM136.6 million.
Fibromat’s IPO includes a public issue of 32.3 million new shares, which represents a proposal for the sale of 24.8 million existing shares with 13% of its increased share capital, which represents 10% of its increased share capital.
Public issues include 12.4 million new shares that have been made available to Malaysian people, 6.2 million new shares have been made available to eligible parties under pink form allocation and 13.7 million new shares which will be allocated through private placements, which have been identified to Bumiputra investors approved by investment, trade and industry (MITI).
The proposal for sale includes 17.4 million and 7.4 million existing shares, which will be allocated through private placements, which will be done to identify Bummiputra investors and selected investors approved by MITI.
Based on a report by the independent market researcher, Fibromat captured the market share of 1.11% in 2024, the revenue contribution of RM36.8 million from the design of the company and the establishment of the Geotechnical Solutions Segment for FY24, when the RM3.3 billion of RM3.3 billion in 2024, when the Malecian Geotechnical Solutions Industries in 2024.
M&A Securities SDN BHD is the leading advisor, sponsor, sole underworter and only placement agent for the IPO of Fibromat.
