Advancecon expects to raise rm56.7 MLN from IPO

Earthworks and civil engineering services specialist, Advancecon Holdings Bhd, which is slated to a listing on the Main Market of Bursa Malaysia on July 10, 2017, expects to raise RM56.7 million from the initial public offering (IPO).

The IPO would be used to support its capital expenditure and working capital requirements for future growth, among others.

Chairman Datuk Yeoh Chong Keat said of the proceeds, 26 per cent, or RM15.1 million, would be allocated for the acquisition of new and higher capacity construction machinery and equipment, which would enhance the group’s operating capacity to take on more projects in the future.