Chemlite Innovation Berhad Debuts on ACE Market of Bursa Malaysia
Chemlite Innovation Berhad, a leading engineering support services provider specializing in surface finishing treatment, has officially listed on the ACE Market of Bursa Malaysia Securities Berhad. This milestone marks a significant step in the company’s growth, reinforcing its commitment to enhancing operational capabilities and expanding its market presence.
The company’s shares opened at RM0.23 per share, slightly below its IPO price of RM0.25. Listed under the stock name “CLITE” and stock code “0348,” Chemlite Innovation has built a strong reputation since its establishment in 2007, serving key industries such as semiconductors, electrical and electronics, and machinery.
Through its IPO, the company successfully raised RM30 million, which will be strategically allocated to support its growth and expansion plans. A total of RM7.8 million will be used for industrial land acquisition and the construction of a new facility in Penang Science Park North. Additionally, RM7.0 million is set aside to establish two cleanrooms for contamination-free cleaning and packaging services, catering to industries with stringent quality requirements. To enhance operational efficiency, RM1.0 million will be invested in automation machinery and equipment upgrades, while RM0.5 million will be allocated to establish a dedicated Research & Development (R&D) department to drive innovation in surface finishing treatment services. The company will also use RM5.5 million to repay bank borrowings, strengthening its financial stability. Furthermore, RM4.2 million will be designated for working capital to support ongoing operations and business expansion. Lastly, RM4.0 million will cover costs related to the IPO process, ensuring a smooth and successful listing.
Independent Non-Executive Chairman, Mr. Choo Yih Woei, expressed that the listing represents years of dedication and strategic planning, positioning the company for greater opportunities and industry leadership. He emphasized Chemlite Innovation’s focus on enhancing technical expertise, meeting industry standards, and delivering exceptional value to customers.
Ms. Anne Leh, Deputy CEO of UOB Kay Hian Securities (M) Sdn Bhd, highlighted the company’s strong fundamentals and commitment to innovation, which pave the way for sustained growth.
With this listing, Chemlite Innovation is set to capitalize on the increasing demand for high-quality surface finishing treatment services. Supported by UOB Kay Hian Securities as its Principal Adviser, Sponsor, Underwriter, and Placement Agent, the company is well-positioned to achieve new milestones in the engineering support industry.
