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BUSINESS

Unique Fire aims to raise RM21.78 mln from IPO

29/06/2022 01:34 PM

KUALA LUMPUR, June 29 (Bernama) -- Unique Fire Holdings Bhd (Unique Fire) aims to raise RM21.78 million from its initial public offering (IPO) following its listing on Bursa Malaysia’s ACE Market slated for Aug 5.

The investment holding company is involved in the assembly, distribution and manufacture of active fire protection systems, equipment and accessories.

Managing director Liew Sen Hoi said of the total proceeds, RM2.5 million will be allocated for the expansion of manufacturing facilities.

“We will be expanding our manufacturing facilities by installing two new hand portable dry chemical fire extinguisher cylinder manufacturing lines, which will boost our current production capacity of 210,000 units by over 220 per cent,” he told reporters at the launch of the company’s IPO prospectus today.

Liew said RM6 million will be used to set up new sales offices and warehouses in Johor and Penang, as well as to enhance the company’s advertising and marketing activities, including participating in exhibitions in the local and international markets.

“We have also earmarked RM5.3 million to further improve our operational capabilities with the expansion of our storage area capacity and to implement a warehouse management system, as well as enhancement of our information technology system to ensure our operations run smoothly and efficiently,” he added.

Additionally, RM4.58 million will be set aside for working capital and the remaining RM3.4 million will be utilised to fund the listing expenses.

Meanwhile, executive director Datuk Marcus Liew said the company is gradually tapping into the international markets and looking forward to penetrate the export markets.

“The strategies include compliance with stringent British Standards which will enable Unique Fire to export to most commonwealth countries,” he said.

As for the company’s outlook, Marcus said the company is optimistic about delivering sustainable growth in the coming years with its strong business fundamentals.

“So far, we are indirectly affected by the rising steel price and we are not affected by the minimum wage policy as our workers are paid above the minimum wage.

“As such, we are confident that we will go back to the pre-pandemic period (performance),” he added.

Unique Fire’s IPO comprises a public issue of 83.75 million new shares and offer for sale of 30 million existing shares.

At an issue price of 26 sen per share and an enlarged share capital of 400 million shares, the company will have a market capitalisation of RM104 million upon its listing.

Applications for the public issue are open today and will close on July 22, 2022.

-- BERNAMA


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