GEORGE TOWN: ACE Market-bound BWYS Group Bhd will use the bulk of its initial public offering (IPO) proceeds to set up a new factory in Penang and expand its sheet metal business. According to Kang, BWYS will also implement information and communications technology systems to digitalise its production and inventory management processes and improve its production workflow. From the 256.3 million shares, 51.3 million will be made available to the public, 61.5 million shares to its eligible directors, employees and persons who have contributed to BWYS’s success, and 128.2 million through private placement to approved bumiputra investors. Based on 22 sen per share and its enlarged share base of 1,025.2 million shares, BWYS’ market capitalisation upon listing is approximately RM225.5mil. In FY23, the sheet metal products segment contributed 73% to the group’s revenue, followed by the revenue from the scaffolding segment at 24.9% and the group’s steel product business at 2.1%.

Source: The Star June 19, 2024 09:15 UTC