Hiap Huat Holdings Bhd, the leading used oil recycler, aims to raise RM17.0 million from its initial public offering (IPO),
en route to the company's listing on the ACE Market of Bursa Malaysia Securities Bhd.

Group Non-Executive Chairman Zulkifly Zakaria said about RM8.2 million from the IPO proceeds would be channelled for working capital.

"Other than working capital, we will use RM4.5 million for capital expenditure, RM2.3 million to fund the listing process while the remaining RM2.0 million will be used for repayment of bank borrowings," he said in his speech during the group's prospectus launch in conjunction with the listing here today. -- Bernama