MClean to rake in RM8m from IPO

MClean Technologies Bhd, en-route for listing on the ACE Market of Bursa Malaysia next month, expects to rake in RM8 million from its initial public offering.

Chief Executive Officer Bert Chow said 30 per cent of the proceeds would be utilised for capital expenditure and 41 per cent for working capital purposes while the rest for listing expenses.

"Part of the proceeds is for expansion of our China investment, to boost up our capacity by double digit," he told reporters at the launch of the company's prospectus here today.

Under its IPO, the company will undertake a public issue of 15.4 million new ordinary shares of 25 sen each together with 7.7 million free new warrants at an issue price of 52 sen per share.

Of this, 2.7 million new shares with 1.35 million warrants would be offered for public subscription, 8.6 million new shares with 4.3 million warrants for private placement and 4.1 million new shares with 2.05 million warrants for business associates of MClean Technologies.

MClean Technologies is the leading precision cleaning service provider for hard disk drives (HDD) in Singapore controlling a 37.6 per cent market share there.

It is also involved in plastic injection moulding for components of HDDs such as filters, media cassettes and trays.

The company too is the second largest player in the HDD cleaning industry in China with a 25.98 per cent market share. - Bernama

Read more: MClean to rake in RM8m from IPO

MClean Technologies plans for another plant in China latest!
SINGAPORE: Micro contamination control services provider for the hard disk drive (HDD) industry MClean Technologies Bhd (MClean Technologies) plans to further expand its existing plant in China.

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