KUALA LUMPUR: Telecommunication services network provider OCK Group Bhd made a strong debut as its share price jumped 23.61%, closing at 44.5 sen per share from its offer price of 36 sen.
“We opened at a good price. It showed the public's confidence in our share,” OCK Group Bhd managing director Sam Ooi said after the listing ceremony.
Its share traded at 42 sen per piece with a volume of 3.9 million during its opening. The stock was active with a trading volume of 47.75 million done amid good sentiment in the market.
The company raised RM27mil from listing on the ACE Market of the Bursa Malaysia Securities.
OCK Group Bhd general manager David Low said it would use RM9.8mil from the proceeds for its capital expenditure.
“The fund would be used to get network facilitator provider license to build new stations for the telecommunications operators,” Ooi said.
It had received requests to survey 100 to 150 stations from its clients and targeted to build 50 telecommunications towers throughout Malaysia this year.
He expected a double-digit growth in its profit and revenue for 2012 on the back of an order book of RM67mil until the end of 2012.
“We are positive that the current workload and development pace remain strong,” he said.
Moving forward, he said the company would focus on its core business and seek expansion overseas.