KUALA LUMPUR – Tuju Setia Bhd aims to raise RM56 million from its initial public offering (IPO) on Bursa Malaysia’s main market.
The construction company is slated to be listed on May 19.
Managing director Wee Eng Kong said RM32 million of the proceeds will be allocated for capital expenditure to purchase new construction machinery and equipment, and a building information modelling (BIM) system software to upskill its design and construction activities.
The construction company also plans to acquire land and construct new storage facilities for its machinery and equipment, and improve the efficiency of maintenance works.
Speaking to reporters at the launch of its prospectus today, Wee said a further RM19 million will be set aside for working capital and RM5 million to defray listing expenses. – Bernama, April 26, 2021
