ECA Integrated makes strong debut on ACE market, to enhance smart factory solutions
24 Nov 2022
Automated manufacturing solutions provider ECA Integrated Solution Bhd made a strong debut on the ACE Market of Bursa Malaysia yesterday, marking a significant milestone in the company’s corporate history.
Executive director and chief operating officer Chua Lye Hock said the listing reflects investors’ confidence in the company’s business and future prospects.
“In return, we will work hard to elevate our group to the next level of growth.
“We will expand our output and enhance our capability, as well as offer smart factory solutions,” he said in a statement.
Chua said offering smart factory solutions was a natural progression for the company, as it has already provided smart manufacturing solutions since October 2020.
“The former involves greater methodological planning and design and development efforts to integrate and automate the manufacturing and non-manufacturing processes of our customers’ manufacturing facility using the Internet of Things technology.
“We have received inquiries on this from a key customer and are currently working on the conceptualisation and design of smart factory solutions for them,” he said.
At the opening bell yesterday, the Penang-based tech company saw an opening volume of 10.04 million shares changing hands.
Of the RM25.5 million raised from the initial public offering (IPO) exercise, RM7.7 million is allocated for the acquisition of machinery and RM14.0 million for working capital, while RM2.8 million and RM1.0 million have been earmarked to defray the estimated listing expenses and repayment of bank borrowings, respectively.
UOB Kay Hian Securities (M) Sdn Bhd is the principal adviser, sponsor, placement agent, and underwriter for the IPO exercise.