KUALA LUMPUR & NEW YORK – Malaysian fiberglass reinforced plastic (FRP) manufacturer WF Holding Ltd (NASDAQ: WFH) today announced the successful listing of its common stock on the Nasdaq Capital Market, marking a significant milestone in the company's growth journey. The shares commenced trading on Thursday morning, Eastern Time, following an initial public offering (IPO) priced at US$4.00 per share. The IPO is expected to generate gross proceeds of US$8 million (approximately RM35.46 million).
WF Holding stated that the net proceeds from the offering will be strategically deployed to fuel the company's expansion initiatives. These include increasing production capacity to meet growing demand, recruiting and training skilled personnel, bolstering working capital, and supporting general corporate activities.
Chee Hoong Lew, Chief Executive Officer of WF Holding, expressed his enthusiasm about the Nasdaq listing and the company's future prospects. "This listing on Nasdaq represents a pivotal moment for WF Holding," he said in a statement. "We remain committed to strengthening our presence in Malaysia and key international markets such as Australia and Singapore, delivering high-quality FRP products and innovative solutions to our valued customers."
Looking ahead, WF Holding outlined its strategic objectives, which include expanding its product portfolio through mergers and acquisitions (M&A), internal research and development efforts, and strategic investments in advanced technology and machinery.
"Our ultimate goal is to capitalize on the increasing demand for FRP across a diverse range of industries, including oil and gas, air pollution control systems, and the rapidly growing renewable energy sector," Lew added.
In conjunction with its Nasdaq listing, WF Holding announced the appointment of two prominent figures to its board of directors. Datuk Lua Choon Hann, former Deputy Executive Chairman of PRG Holdings Bhd and a former independent director at the Malaysian Investment Development Authority, joins as an independent director. Datuk Lee Chee Leong, who previously served as a Deputy Finance Minister of Malaysia, has also been appointed to the board. These appointments are expected to bring valuable experience and insights to the company's governance and strategic direction.
On its first day of trading, WF Holding's shares closed at US$3.75, resulting in a market capitalization of US$93.56 million (approximately RM414.19 million).
Dominari Securities LLC acted as the lead underwriter for the IPO, with Revere Securities LLC serving as the co-underwriter. Bevilacqua PLLC provided legal counsel to the company in the US, while The Crone Law Group acted as the legal advisor for the underwriters.
WF Holding's successful IPO and Nasdaq listing underscore the company's growth potential and its ambition to become a significant player in the global FRP market. With its strategic growth plans and experienced leadership team, the company is well-positioned to capitalize on the increasing demand for its specialized products and solutions.
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