Tuju Setia Bhd aims to raise RM56 million from its initial public offering on Bursa Malaysia. — Bernama picKUALA LUMPUR, April 26 — Tuju Setia Bhd aims to raise RM56 million from its initial public offering on Bursa Malaysia.Managing director Wee Eng Kong said RM32 million of the proceeds will be allocated for capital expenditure to purchase new construction machinery and equipment, and Building Information Modelling system software to upskill its design and construction activities.
“The funds raised will help enhance our core competencies and position us to better undertake new projects currently being tendered worth RM4 billion,” he said. Since 2006, Tuju Setia has completed 18 high-rise projects with an aggregated contract value of about RM2.23 billion.Tuju Setia’s IPO involves a public issuance of 80 million new shares priced at 70 sen a unit, together with an offer for sale of 27 million existing shares