Feytech Holdings aims to raise RM114.66m from IPO

From left: Feytech Holdings independent non-executive director Leou Thiam Lai, AmInvestment Bank Bhd CEO Tracy Chen Wee Keng, Feytech Holdings executive director Tan Sun Sun, Go, independent non-executive chairman Datuk Mazlan Mohamad, executive director Go Yoong Chang, TA Enterprise Bhd managing director and CEO Datin Alicia Tiah, Feytech Holdings independent non-executive directors Lee Wan Ning, and Datuk Tan Yee Boon at the prospectus launch.

Established in 2002, Feytech Group is principally an automotive cover manufacturer and automotive seat manufacturer based in Malaysia. The group mainly manufactures automotive covers for the original equipment manufacturer market segment. Customers in the segment comprise automotive vehicle OEMs such as Mazda Malaysia and Kia Malaysia , as well as Tier 1 automotive seat and/or interior part manufacturers which serve other local OEMs for brands such as Mazda and Hyundai.

Feytech Holdings has earmarked 10.1% of the proceeds to part finance the acquisition of land in Klang Valley and 18.4% for the construction of a new corporate office with manufacturing plant and warehouse on the land, with a built-up area of about 85,000 sq ft. It intends to relocate all its existing operations in Petaling Jaya to the new corporate office with manufacturing plant and warehouse upon their completion.

Feytech Group will also utilise 2.6% of the IPO proceeds to purchase new machines which include 75 sewing machines, an automated leather cutting machine and a patterning machine as well as 45.5% to purchase materials and supplies and general working capital.

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