Winstar Capital Bhd secures ACE Market listing, aiming to increase market share in aluminium extrusion

Winstar Capital Bhd has received the green light from Bursa Malaysia Securities Bhd to proceed with its listing on the ACE Market, scheduled for the fourth quarter of 2024. This strategic move marks a significant milestone for Winstar, positioning it for further growth within Malaysia’s dynamic industrial sector.

Winstar operates as a primary investment holding company, overseeing subsidiaries active in diverse sectors, including aluminium profile extrusion, ladder fabrication, and building materials trading and distribution. Additionally, Winstar’s portfolio includes solar photovoltaic (PV) system installation services and trading solar PV-related materials and accessories.

The initial public offering (IPO) comprises 73.95 million ordinary shares, representing 25.5 per cent of Winstar’s enlarged issued share capital, which consists of 290 million shares post-listing. The offering includes 56.55 million new shares and 17.4 million existing shares.

Of the new shares, 14.5 million are open for public application by Malaysian investors, while 15.95 million are earmarked for eligible Winstar directors and employees. The remaining 26.1 million shares will be distributed through a private placement to selected investors. Additionally, the 17.4 million existing shares will be offered via private placement.

The ACE Market is a sponsor-driven market designed for companies with growth prospects. Before August 3, 2009, it was known as the MESDAQ Market. Companies on the ACE Market tend to be smaller and less mature than those on the Main Market, but they offer the potential for higher returns for investors who are willing to take on a greater degree of risk.

Vincent Chua Boon Hong, Winstar’s Non-independent Executive Director and CEO, stated that part of the IPO proceeds will be directed towards expanding the company’s aluminium extrusion operations. Winstar plans to acquire four new extrusion lines, with a combined capacity of 8,580 tonnes, to be installed at a new factory. This upgrade will substantially increase Winstar’s production capabilities, strengthening its competitive position in the aluminium sector.

Chua stated, "With expanded product offerings and increased production capacity, we aim to capture a larger share of the domestic aluminium extrusion and aluminium profiles markets going forward."

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