KUALA LUMPUR: Dolphin International Bhd plans to raise RM31.28mil from the issuance of new shares under its listing exercise on the Main Market of Bursa Malaysia Securities.
The company, which fabricated palm oil machinery, said on Wednesday the IPO included the public issue of 46 million new 20 sen shares at an issue price of 68 sen each.
Dolphin said of the 46 million new shares, a total of 15 million units would be offered to the public.
Of the remaining 22.75 million would be placed out, it said. The bulk of it or 20.25 million shares would be offered to approved Bumiputera investors and the remaining 2.50 million units offered to selected investors.
Of the RM31.2mil it plans to raise from the sale of the new shares, Dolphin sai 35.6% or RM11mil would be used to renovate and expand its factory while RM6.08mil would be used for working capital.
It will use RM4mil to set up a research and development facility and RM6mil to repay bank borrowings and the RM4.20mil for estimated listing expenses.
