Pentamaster Corp Bhd made an impressive debut on the KLSE second board yesterday, with its shares closing 82 sen higher than their initial public offer price of RM1.40.
The counter opened at RM2.10 with 628,200 shares changing hands. It went on to touch a high of RM2.42 during the day before closing at RM2.22 on total volume of 7,935,600 shares.
Pentamaster chief executive officer Chuah Choon Bin said after the listing ceremony in Kuala Lumpur yesterday that he was very happy with the stock's performance and expected it to do better in future.
We would like thank all the investors for their support,'' he said
Penang-based Pentamaster, manufactures vision inspection equipment and factory automation systems. The company has carved a niche in the automation sector, providing customised automation solutions for the semiconductor industry and factory automation solutions for the manufacturing industry.
Chuah said that Pentamaster was aggressively expanding its role as a software management system (SMS) provider to cover small and medium-sized pharmaceutical and food processing industries, mainly in Europe and China.
He said the company's system had become popular due to the trend among corporations worldwide to outsource their information technology activities.
Chuah said there was a huge potential for Pentamaster's products in China's canned food sector. The company has a sales office in Shanghai. Pentamaster currently exports about half of its output to China, the US, the Philippines, Ireland, Singapore, India and Italy.
The group, which reported an after-tax profit of RM1.6mil on turnover of RM8.9mil for the three months ended March 31, has forecast RM13.2mil in after-tax profit for 2003.