KUALA LUMPUR (Nov 3): ACE Market-bound Plytec Holding Bhd has bagged a RM1.1 million contract from Most-Épker Kft to supply its construction method engineering (CME) as well as digital design and engineering (DDE) services in Hungary.
Plytec said that the contract, won by its wholly owned subsidiary companies, Plytec Formwork System Industries Sdn Bhd and BIM Engineering Solution & Technology Sdn Bhd, will be utilised for construction method and digital design in G25 Hexagon Offices, a cutting-edge corporate campus located in Szeged, Hungary.
The CME segments will primarily supply formwork panels, striping heads and aluminium panels under, while the DDE segment otherwise will implement building information modelling.
Plytech chief executive officer Yang Kian Lock said that the contract is a significant advancement for the company to showcase their commitment in providing outstanding construction engineering solutions globally.
“Plytec eagerly anticipates partnering closely with Most-Épker Kft to efficiently, safely, and sustainably complete this well-regarded project with top-quality construction standards in accordance with the timeline” he added.
Most-Épker Kft is primarily a Hungarian-based construction firm that undertakes construction of residential and commercial projects in Europe.
Plytec, which will be listed on Bursa Malaysia on Nov 15, is raising RM37 million from its initial public offering, which will see the issuance of 106.06 million shares or 17.5% of its enlarged share capital at 35 sen per share.
It will also see an offer for sale of 51.52 million shares or 8.5% stake.
The company, formerly known as Sudut Swasta Group, saw its IPO oversubscribed by 6.72 times, with the public portion receiving 3,451 applications for 233.87 million shares which involves 30.3 million new shares of the company.
Of the RM37.1 million IPO proceeds, Plytec will allocated RM9 million for debt repayment, RM8 million for capital expenditure, and RM7.8 million for the construction of factories and centralised labour accommodations on Plytec’s Olak Lempit land, which is expected to be completed by the 3Q2024.
Another RM6.3 million will be used for working capital, RM2 million for purchase of software systems and hardware, and RM4 million for listing expenses.