Executive director Wong Chun Wei said the debut signified the commitment of Wentel Engineering to expand its manufacturing capacity and productivity.

“The successful listing today has marked a critical milestone for Wentel Engineering in becoming a listed entity on Bursa.

Similarly, Wentel Engineering remains committed to adopting environmental, social, and governance (ESG) practices in ensuring sustainable value creation to all our shareholders and stakeholders,” he said in a statement.

The metal fabricator and assembler raised RM71 million through an offering of 273.2 million new ordinary shares.

Of the total proceeds, RM40 million has been allocated to partially finance the construction of two blocks of single-storey factory (with a double-storey office) and two blocks of workers’ hostel, with an additional built-up area of approximately 254,381 sq ft.

Meanwhile, RM25 million of the proceeds will be utilised to part finance the purchase of new machinery and equipment for the new manufacturing plant, and RM6 million has been allocated to cover the listing expenses.

At the time of writing, the counter saw its share price rise 2 sen or 7.69% to 28 sen, valuing the group at RM322 million based on an enlarged share capital of 1.15 billion shares.