Cheong (sixth left) pose for a photo with Land Public Transport Commission chairman Tan Sri Dr Syed Hamid Syed Jaafar Albar (fifth left), Bank Muamalat Malaysia chief executive officer Datuk Mohd Redza Shah ABdul Wahid (seventh left), The Combined Bus Services Sdn Bhd director Ong Luck Yik@Ong Lek Chuan, other board members of Perak Transit Bhd, and TA Securities during the group’s listing ceremony on Thursday.
KUCHING: Perak Transit Bhd (Perak Transit) made its debut on the Ace Market of Bursa Malaysia at 18 sen, for a premium of three sen, over its issue price of 15 sen per share.
The Ipoh-based bus company, which saw its public subscription shares oversubscribed 19.83 times, saw 17.8 million shares changing hands at the opening bell.
At closing, the share price added six sen to 21 sen with 241.48 million shares traded.
Managing Director Datuk Seri Cheong Kong Fitt told a press conference that the company’s opening price looked encouraging with its 20 per cent premium.
Approximately 54.42 per cent of the money raised from the initial public offering (IPO) proceeds totaling RM36.75 million will be used to partly finance the construction of Terminal Kampar.
“Going forward, we will remain focused to develop integrated public transportation terminals in other parts of Perak as well as other regions in Malaysia, starting with the construction of Terminal Kampar in the second half of 2016,” he added.
“We also plan to develop Terminal AmanJaya into a commercial and lifestyle hub, in addition to adopting new A&P platforms and increasing A&P spaces in Terminal AmanJaya to further drive our A&P rental revenue.
“Furthermore, we intend to enhance the provision of our bus services. We have operated myBAS services in Ipoh under the Stage Bus Service Transformation (“SBST”) Programme.”
The Perak Transit Group is primarily involved in the public transportation sector through the operations of the Terminal AmanJaya integrated public transportation terminal in Ipoh, Perak, the provision of public bus services, as well as the operation of petrol stations in the state.
With 10 years of involvement in the public transportation industry, the Group has established a reputation in the industry. Leading the Perak Transit Group is an experienced and committed key management team with collective knowledge and expertise across a broad spectrum of business activities, including bus and terminal operations, finance, and customer service.
As the only gazetted express bus terminal in Ipoh noted by the Land Public Transport Commission (SPAD), Terminal AmanJaya is effectively the sole provider of terminal services for express bus services in Ipoh with no close substitutes within Ipoh.
Terminal AmanJaya is also strategically located in Meru Raya, Ipoh, within a 15-minute drive from the North-South Expressway. Because of its strategic location, Terminal AmanJaya has the potential to draw a larger crowd of visitors comprising government and private sector employees, business owners and/ or operators, residential population, as well as tourists and bus passengers.
TA Securities Holdings Bhd is the Principal Adviser, Sponsor, Managing Underwriter and Placement Agent, whilst RHB Investment Bank Bhd and Bank Muamalat Malaysia Bhd are Joint Underwriters for this IPO exercise.