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Mestron seeks ACE Market listing to expand steel pole production

Steel News - Published on Tue, 04 Dec 2018

Image Source: theedgemarkets
The Edge Financial Daily reported that Mestron Holdings Bhd is looking to float its shares on the ACE Market of Bursa Malaysia to raise proceeds to expand its main manufacturing facility and acquire more machinery for future business growth. The company is principally involved in the manufacturing of steel poles comprising standard street light poles, decorative light poles and specialty poles, as well as the trading of outdoor lighting products. In a draft prospectus filed with the Securities Commission Malaysia, the company said it intends to expand the sales of high mast and telecommunication monopole products by automating manufacturing processes with new acquired machinery.

Mestron said the expansion of its facilities will increase current production floor space measuring approximately 55,000 sq ft by approximately 41,300 sq ft.

It said that “We intend to expand our geographical reach to new international markets such as Brunei and New Zealand through the supply of steel poles to these markets and expand our market in Sri Lanka.”

Under the public offering, Mestron is offering 158 million new shares, representing 20% of the enlarged issued share capital, at an issue price to be determined later. Of these, 39.5 million shares or a 5% stake will be made available to the Malaysian public via balloting, and 8.75 million shares or a 1.1% stake for its eligible directors and employees.

Another 30.75 million shares or 3.9% of the enlarged issued share capital will be placed out to selected investors via a private placement.

The remaining 79 million shares or a 10% stake will be placed to bumiputera investors via a private placement.

Source :

Posted By : Ratan Singh on Tue, 04 Dec 2018
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