KUALA LUMPUR: Security seals manufacturer and designer Mega Fortris Bhd has filed for an initial public offering (IPO) on the Main Market of Bursa Malaysia to raise funds for expansion.
According to its prospectus on the Securities Commission's (SC) website, the company said it plans to expand facilities in its existing markets in Malaysia and Europe.
This is to support its business expansion as well as venturing into a new business which requires the company to set up new manufacturing facilities in Malaysia and Macao.
The proposed IPO involves a public issue of 147.87 million issue shares, representing about 17.50 per cent of the enlarged total number of 844.97 million shares.
The company's manufacturing facilities in Malaysia are equipped with horizontal and vertical injection moulding machines supported by in-house tooling capabilities for the fabrication of moulds, laser marking facilities and manual assembly for certain products.
As at June 30, 2023, its annual production capacity of security seals is about 530 million pieces per year.
Additionally, Mega Fortris also trade load securement products and other related products and services.
Load securement products are used to secure cargo and loads inside vessels such as ships, trains, planes and trucks during transportation to prevent load shifting and damage to the products and cargo.
As of now, the company has operations in 12 countries, namely Malaysia, Singapore, Hong Kong, Australia, New Zealand, the United Kingdom, the United States, the United Arab Emirates, Denmark, Hungary, France and Netherlands.
