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From left: M&A Securities Sdn Bhd head of corporate finance Gary Ting, Ecomate managing director Jason Koh Jian Hui, Ecomate executive director Koh Cheng Huat and Ecomate chairman Tan Sri Hussin Ismail.

KUALA LUMPUR: Johor-based ready-to-assemble furniture (RTA) manufacturer, Ecomate Holdings Bhd, which is enroute to a listing on the ACE Market, will be using the funds raised from the equity market to fund its expansion plans.

The company which is based in the town of Muar will raise some RM16.2mil from the initial public offering (IPO) exercise.

“We are confident of our future. The Covid-19 pandemic had affected our operations in the second quarter of financial year 2022 (FY22) ending Feb 28 next year but this is only a short term impact. Results in the third and fourth quarter will be strong since we are now back in full operations,” its managing director Jason Koh said in a statement yesterday.

“Overall our FY22 performance will still be alright but FY23 will see Ecomate delivering a very good set of results as our order flows continue to be very strong. I believe our shareholders will be very happy to stay for the long term with us,” Koh added.

The group said it is upbeat on its outlook moving forward as it accelerates its expansion plans to keep up with the robust order flows, especially through e-commerce sales channels for RTA furniture.

Koh said its operations are now back in full scale and it is currently kept busy fulfilling the sizable order backlogs to catch up on the lost time during the lockdowns.

“Against all odds, despite the pandemic and thanks to our capable team, we have managed to sustain our growth momentum and in fact, turned in a record high net profit in FY21,” Koh said.

The IPO involves a public issuance of 49.0 million new shares priced at 33 sen per share, Ecomate said.Of the total proceeds, RM6mil (37.1%) will be allocated for the acquisition of machineries and equipment, RM2mil (12.4%) for the construction of its third factory which is expected to house three additional production lines and one block of four-storey detached hostel, RM5.3mil (32.6%) will be used for the purchase of raw materials to support production activities, while the balance RM2.9mil (17.9%) will go towards defraying the estimated listing expenses.

The IPO entails a public issuance of 49 million new shares which represents approximately 14% of the enlarged share capital, along with an offer for sale of 30 million existing shares.

In the public issuance of 49 million new shares, 17.5 million new shares will be sold to the Malaysian public, 8.75 million new shares available for the eligible directors, employees and persons who have contributed to the success of the group and 22.75 million new shares will be placed out to selected investors.

Applications for the public portion of the IPO issue is now open and will close on Oct 25 with a scheduled listing date on Nov 8, 2021.


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