Malaysia’s Tashin Holdings, a division of Prestar Resources, has recently announced an initial public offering in May that is expected to raise US $9 million in proceeds. The company plans to use the proceeds to increase steel production.
The 24,000 mt annual steel plant is planned for Penang, Malaysia and is expected to produce wire mesh, flats, and square bars. A portion of the proceeds is also earmarked for the purchase of a slitting line that will increase the company’s production capacity from 67,200/mt annually to 93,600 mt, an increase of 26,400 mt or 39 percent.