Tuesday, 6 March 2012

Elevator manufacturer EITA seeks listing on Main Board

KUALA LUMPUR (March 6): Elevator manufacturer and distributor of electrical and electronics equipment EITA Resources Bhd is seeking a listing on the Main Board of Bursa Malaysia.

The company had on Tuesday signed an underwriting agreement with sole underwriter AmInvestment Bank Bhd in conjunction with its initial public offer. AmInvestment Bank is also the adviser and sole placement agent.

EITA said it plans to venture into high-speed passenger elevator systems to boost its competitive edge in bidding for more projects in Malaysia and overseas.

Currently, EITA’s elevators, marketed under the EITA-Schneider brand, are installed in buildings ranging from three storeys to more than 30 storeys high.

The company plans to use part of its IPO proceeds for research and development, including development of high-speed passenger elevator systems, and expand its R&D Centre in Penang.

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