GEORGE TOWN: FoundPac Group Bhd, en-route to an initial public offering (IPO) on the Main Market this month, will use the funds raised from the listing exercise to expand the company’s overseas market, purchase new machineries, set up a design and development division, and defray expenses incurred for the IPO.
The company said in a press statement that under the listing exercise, 40 million shares will be made available, comprising 18.5 million new shares for the public, 10.5 million new shares for eligible directors, employees and business associates as well as 11 million new shares for application by way of private placement to identified investors.
“As part of its listing exercise, the existing shareholder of FoundPac will undertake an offer for sale of 92 million shares by way of placement of 55 million shares to identified investors and 37 million shares to bumiputera investors approved by the International Trade and Industry Ministry,” the press release said.
FoundPac, based in Bayan Lepas, produces precision engineering parts namely stiffeners, test sockets, hand lids and related accessories.
"These precision engineering parts are sold to semiconductor manufacturers and OSATs (outsourced semiconductor assembly and test companies), or for printed circuit board design houses or fabless semiconductor companies which are used to facilitate the testing of integrated circuit.
The group’s products are mainly exported to the overseas market, namely to the US and European markets,” according to the statement.
