KUALA LUMPUR: EA Technique (M) VHS expects to raise up to RM74.2mil from the initial public offering (IPO) of its shares.

The company, an indirect subsidiary of Kulim (M) Bhd through Sindora Bhd, is expected to make its debut on the Main Market of Bursa Malaysia on Dec 11, it said on Monday.

The IPO of EA Technique involves an offering of a total of 129 million shares at an issue price of 65 sen per share.

The company said a major portion of the IPO proceeds would be used for the repayment of bank borrowings, capital expenditure and working capital to finance the expansion of its fleet and existing shipbuilding capabilities.