Cnergenz Seeks to Raise RM58M from IPO in Malaysia
BURSA, MALAYSIA – Cnergenz expects to raise RM58 million (US$13.3 million) from its upcoming initial public offering here, according to reports.
The Penang-based electronics manufacturer said the IPO involves the public issue of 100 million shares and an offer for sale of 50 million offer shares by way of private placement.
From the public issue, 25 million shares will be made available for application by the public, while 10 million shares will be designated for application by directors and employees. The remaining shares will be reserved for investors.
The proceeds will be allocated for the firm’s operations facility, in addition to R&D development and working capital.
Applications for the IPO will close May 11. The targeted IPO listing date is May 24.
At the IPO price of RM0.58 per share, Cnergenz will have a market capitalization of RM288.8 million prior to debut.
Ed.: RM1 = US$0.23
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