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apple developer enterprise account for rent:Home furniture maker Mobilia to raise RM13.8m from IPO

admin2021-02-05103

Mobilia Holdings Bhd's business and IPO timeline. KUALA LUMPUR: Home furniture manufacturer Mobilia Holdings Bhd plans to raise RM13.80mil from its proposed listing on the ACE Market of Bursa Malaysia Securities. Under its initial public offering (IPO), it is offering 60 million new shares at 23 sen, of which 20 million shares will be offered to the public, 12 million shares for eligible employees and 28 million shares will be placed out to selected investors. Of the RM13.80mil to be raised from the floatation exercise, it will use RM5.80mil to build an office, showroom and factory. Of the remaining RM8mil, it said RM1.80mil will be used to repay borrowings, RM1.9mil for working capital, RM3mil to defray estimated listing expenses and the remaining RM1.30mil to purchase machinery. Speaking at a virtual press conference on Wednesday, Mobilia’s business development manager Ervin Quek Yan Song (pic, below) , said the company would continue to focus on comfortable and functional home furniture. With the proposed listing, he said Mobilia would expand its factory, introduce a wider range of home furniture as well as increase its export markets. “Part of the proceeds from the IPO will be utilised to expand our current manufacturing plant to support our long-term business growth and purchasing new types of machinery is also within our plan to increase automation in our manufacturing process, ” he said. Quek, who is the alternate director to Quek Wee Seng, said the expansion of the factory would enable it to handle more orders and also to develop at least 60 new designs of home furniture annually. Kenanga Investment Bank is its principal adviser, sponsor, underwriter and placement agent for the IPO. Kenanga IB group managing director Datuk Chay Wai Leong said Mobilia, with over a decade of experience and track record, the IPO would enable the company to boost its growth in the global markets.
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