Greatech stages firm debut on Ace Market

News 2019-06-13

Bursa debut: (from left) Greatech director Mariamah Daud, chairman Ooi Hooi Kiang, Tan, COO and executive director Khor Lean Heng and director Ooi Ching Hock at the company’s listing ceremony

KUALA LUMPUR: Greatech Technology Bhd made a firm debut on the Ace Market of Bursa Malaysia yesterday, opening at 63.5 sen, which was 2.5 sen above its offer price of 61 sen.

At the close, the shares were at 74 sen. It was the most active counter with 192.72 million shares done at prices ranging from 63.5 sen to 78 sen.

The initial public offering (IPO) involved 119.75 million new ordinary shares, of which 18.78 million were opened to the public.

Greatech raised RM73.05mil from its IPO and plans to expand its operations to the United States and China.

The Penang-based industrial automation solutions provider is planning to take its expertise and technology to the US Silicon Valley and Shanghai.

Upon listing, its market capitalisation was at RM381.86mil.

Of the RM73.05mil raised, RM18mil will be used for business expansion, development and marketing. A huge chunk of this will be parked in the US.

Commenting on the listing, Greatech CEO E.K. Tan said: “We have grown from humble beginnings as a fabricator of machine parts and components into an industrial automation solutions provider, serving top-tier global clients.

“Industrial automation is inevitable and is rapidly changing the face of manufacturing. Having established a strong platform and international track record with brands such as First Solar and Panasonic, I am confident that we would be able to tap into other opportunities from the continuous adoption of industrial automation.

“Moving forward, we are looking at bringing our automation solutions across industries and geographies.”

For the financial year ended Dec 31, 2018, the group recorded a net profit of RM31.72mil on a revenue of RM219.58mil, with about 90% of revenue derived from overseas.