PETALING JAYA: Greatech Technology Bhd makes a solid debut on Bursa Malaysia’s ACE market today, opening at 63.5 sen, a 4% premium over its offer price of 61 sen.
At 10.37am, it traded at 70 sen with 88 million shares traded giving it a market capitalisation of RM438.2 million. Earlier in the trading session, the stock hit a high of 71.5 sen.
With the listing, the industrial automation solutions provider aims to expand into the US and China, allocating RM18 million out of the RM73.05 million proceeds for business expansion, development and marketing activities.
Meanwhile, some RM5 million will be utilised towards capital and development expenditure; RM36.55 million for working capital; and the remaining RM8.5 million for repayment of bank borrowings and defrayment of IPO expenses.