KBEE will remain in control of Oiltek following the IPO, with a stake of 67.4%.
Oiltek International, a subsidiary of Koh Brothers Eco Engineering, has launched its Catalist initial public offering (IPO) to raise gross proceeds of some $5.2 million.
The issue consists of 22.5 million new shares priced at 23 cents each. Out of which, 22 million shares are set aside for the placement tranche, with the remaining 500,000 shares allocated for retail investors.
