kuala lumpur: Aluminum extrusions manufacturer Winstar Capital Bhd aims to increase its annual production capacity by 8,580 tonnes to 15,285 tonnes from the current 6,705 tonnes.
Independent Executive Director and CEO Vincent Chua Boon Hong said the company will begin installing the first two new aluminum extrusion lines by the second quarter of 2025, with the remaining two The two new aluminum extrusion lines are expected to be installed by the second quarter of 2026, it said. .
“With the increased production capacity, we are better positioned to serve a wider range of customers and we believe this will improve the Group’s financial performance.
“With this expansion, the Group will be able to offer more services to its diverse customer portfolio, from construction companies, property developers, aluminum product manufacturers and wholesalers in Malaysia to engineering, procurement, construction and commissioning companies in the solar power industry. ”, he said today in the announcement of WinStar Capital’s initial public offering (IPO) prospectus.
Winstar Capital and its four subsidiary companies are involved in the extrusion of aluminum profiles and manufacturing of aluminum ladders, aluminum photovoltaic installation structures and related accessories, trading and distribution of construction materials, and provision of photovoltaic system installation services. Masu.
Winstar Capital’s IPO saw a public offering of 73.95 million shares, including 56.55 million new shares and 17.4 million existing shares, representing 25.5% of the enlarged issued share capital of 290 million shares.
Of the 56.55 million new shares, 14.5 million new shares will be available for application by Malaysian citizens and 15.95 million new shares will be available for application by eligible directors, employees and persons who have contributed to the success of the Group. The remaining 26.1 million new shares will be allocated to selected investors in a private placement.
There is also an offering of 17.4 million existing shares, which will be allotted in a private placement to selected investors.
Based on the IPO price of 35 sen per share, the listing exercise is expected to enable Winstar Capital to raise RM19.79 million. Furthermore, based on the enlarged share capital of 290 million ordinary shares and the IPO price, the company’s market capitalization is expected to be RM101.5 million.
Of the RM19.79 million raised in the IPO, RM9.55 million (48.25%) will be used to purchase a new aluminum extrusion press and equipment to be installed at Winstar Capital’s new factory in Ijok, Selangor. Working capital requirements include RM4 million (20.21%) and estimated listing costs include RM4 million (20.21%).
“We started entering the midstream and downstream sectors of the aluminum industry in 2002, and in the nearly 22 years since our inception, we have achieved remarkable growth in the aluminum extrusion industry. This is due to our team’s ability to manufacture and sell profiles, aluminum ladders, aluminum solar PV installation structures, and related accessories,” said Chua.
According to him, WCB started offering solar power system installation services in 2023 through its subsidiary Winstar Solar Sdn Bhd.
“Furthermore, our company has started manufacturing aluminum solar PV installation structures for solar PV system installations in early 2024. With this expansion, we will sell solar PV installation structures and provide solar power EPCC players with We will now be able to provide photovoltaic system installation services to the industry in Malaysia. ”
The company plans to list on Bursa Malaysia’s ACE market on December 19. TA Securities Holdings Bhd is acting as lead advisor, sponsor, sole underwriter and sole placement agent for Winstar Capital’s IPO.
