PETALING JAYA: Building and infrastructure construction services provider TCS Group Holdings Bhd made a strong debut on Bursa Malaysia’s ACE Market today, closing at a 45 sen or a 96% premium over its offer price of 23 sen with more than 207 million shares traded.
The counter started strongly as it opened at 58.5 sen, a premium of 2.5 times over its offer price, and reached an intra-day high of 60.5 sen.
The group’s managing director, Datuk Tee Chai Seng, commented that the listing marked its next chapter of growth.
“With the listing proceeds, we can now accelerate the execution of our future plans in expanding our foothold in the high-rise, purpose-built and institutional buildings segments,” he said in a press release.
Moving forward, Tee disclosed that expanding its infrastructure construction services to capitalise on the opportunities arising from government measures and economic stimulus packages is one of its priorities. To enhance its capabilities and to support its growth plans, TCS will acquire new machinery and equipment.
“We are confident that the group’s prospects in the building construction industry remain favourable, backed by the implementation of various government measures and economic stimulus packages to strengthen the Malaysian economy, our competitive strengths and continuous efforts in expanding our services and capabilities,” said the managing director.
Tee said TCS will continue to focus on tendering for building and infrastructure construction projects in both the private and public sectors.
source https://www.thesundaily.my/business/tcs-group-makes-impressive-debut-on-ace-market-fetches-96-premium-at-close-EB3113053
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