In statement, it said RM16mil of the proceeds will finance the construction of a new factory in Semenyih as it expands its manufacturing capacity for future business growth.
“We plan to grow our customer base in the direct selling segment by securing more local and overseas direct selling companies as our customers as direct selling companies are able to provide us with high manufacturing volumes, which will in turn enhance the growth of our financial performance and the sustainability of our Group.
He noted that the company's sales to direct-selling companies contributed between 61.4% and 80.6% to overall revenue over the past four financial years.As for the remaining IPO proceeds, RM8.14mil will go towards working capital requirement, RM2.23mil will fund the purchase of new machinery and RM3.6mil will pay for listing expenses.
“We provide our customers with three months advanced notice on the changes in prices and upon agreement, new purchase orders with the adjusted pricing will be issued for future orders,” he added.
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