Thursday, August 13

Boilermech debuts with good 49.5 sen premium

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KUALA LUMPUR: Boilermech Holdings Bhd (Boilermech) made an impressive 49.5 sen premium debut on the ACE Market of Bursa Malaysia yesterday over its issue price of 33 sen per share.

The counter opened at 82.5 sen with a total of 8,087,300 shares changing hands at the opening bell.

“I think my partners are smiling right now and are very happy,” Boilermech, chairman, Chia Song Kun told reporters after the company’s listing.

Boilermech is principally engaged in the design, manufacture, installation and commissioning of biomass boilers as well as repairs and refurbishment.

It is also one of the largest boiler manufacturers in Malaysia.

The listing is to enable the company to expand and support the existing and growing demand for its boilers in the current markets of Indonesia, Sri Lanka, Thailand and the Solomon Islands.

Boilermech’s initial public offering involves a public issue of 34.9 million new shares and an offer for sale of 13.5 million shares to identified investors. — Bernama