At 9.05am, there were 24.54 million shares traded.

The company raised a total of RM114.66 million through a public issue of 143.32 million new ordinary shares.

From this gross amount, RM11.6 million (10.1%) will be used to buy land, and RM21.13 million (18.4%) to build a new corporate office with a manufacturing plant and warehouse.

“It will channel RM18.76 million (16.4%) to build a new Kulim plant 2, and 45.5%, or RM52.18 million for working capital.

“The remaining proceeds of RM3 million and RM8 million have been earmarked for the purchase of new machinery and listing expenses, respectively,” it said.

Feytech is principally involved in the manufacturing of automotive seats, auto seat covers and interior parts such as door ornaments, steering wheels, gear knobs, handbrake handles and consoles.

Executive director Go Yoong Chang said Feytech is actively engaging with both new and existing customers to expand its market share and revenue.

“The company is trying to secure new projects for seats and covers to raise market share and revenue,” he said at a press conference following the company’s listing today.

On labour shortage issues, Go said the Kulim plant will prioritise hiring local workers.

“At the Kulim plant, we have more than 20 foreign workers and the rest are locals.

“Moving forward, Kulim plants 2 and 3 will also focus on hiring local staff,” he said.

Go said Feytech’s current workforce includes 203 local employees and 380 foreign employees.

On the impending fuel subsidy rationalisation, Go said that it will impact the automotive market in several ways.

“Nevertheless, government policy is beyond our control. What we can do is manage costs, deliver quality services, and explore broader markets,” he said.

On prospects, Go said the automotive seat and cover market is encouraging based on long-term growth expectations.

“Hence, the company’s outlook will also be supported by customer sales, competitive position, and business strategy,” he added.