KUALA LUMPUR: Sarawak-based construction services firm Hartanah Kenyalang Bhd commenced trading on Bursa Malaysia’s ACE Market today, opening at 16 sen, matching its initial public offering (IPO) price.
As of 10:28 a.m., the counter remained flat at 16 sen, with 14.55 million shares changing hands.
The company successfully raised RM19.34 million from the IPO. Of the total proceeds, RM10.5 million has been allocated for project working capital, RM3 million for the acquisition of new machinery and IT-related hardware and software, RM2.1 million for the repayment of borrowings, and RM3.8 million to cover listing-related expenses.
For the first financial quarter ended 31 January, Hartanah Kenyalang reported a net profit of RM1.9 million, with earnings per share of 0.38 sen, on revenue of RM44.8 million.
-The Star
