In a statement today, the company said the IPO entailed an offering of 273.2 million new ordinary shares and an offer for the sale of 46 million existing ordinary shares.

“Of the 273.2 million public issue shares, 57.5 million public issue shares will be made available to the Malaysian public via balloting, and 33 million public issue shares to eligible directors, employees, and persons who have contributed to the success of Wentel Engineering and its subsidiary (Wentel Engineering Group).

“About 38.95 million public issue shares will be allocated by way of private placements to selected investors and the remaining 143.75 million public issue shares are allocated for Bumiputera investors approved by the investment, trade and industry ministry,” it said.

According to the agreement, TA Securities would underwrite 57.5 million public issue shares, namely the portion made available to the Malaysian public via balloting.

Wentel Engineering executive director Wong Chun Wei said the IPO would provide funding for the company’s expansion and enable the public to participate in its future growth.

“Our focus is to establish the new manufacturing plant as well as purchase new machinery and equipment to address opportunities in Malaysia and Singapore, targeting existing and new customers,” he added.

The new manufacturing plant is expected to provide a net additional built-up area of approximately 254,381 sq ft for Wentel Engineering’s operations and workers’ accommodation.

Meanwhile, Wong said the company will continue to leverage its core competencies and strengths in the fabrication of semi-finished metal products, metal parts, and assembly of finished products to grow its business further.