Gagasan Nadi Cergas opens at 39 sen on ACE Market

KUALA LUMPUR: Gagasan Nadi Cergas Bhd made a strong debut on the ACE Market on Tuesday, opening at 39 sen, which was nine sen above its offer price of 30 sen.

At 9.05am, it was up 3.5 sen to 33.5 sen. There were 23.01 million shares traded at prices ranging from 32.5 sen to 40 sen.

The FBM KLCI was up 3.98 points or 0.24% to 1,683.15. Turnover was 142.21 million shares valued at RM50.92mil. There were 151 gainers, 59 losers and 141 counters unchanged.

The construction, facilities management services provider and concession projects holder’s public tranche of its IPO was 20.17 times oversubscribed. It received 6,029 applications for 423.5 million shares worth RM127mil. 

The company has a dividend policy of distributing up to 30% of net profit as dividends, from the financial year ending Dec 31, 2019 onwards. 

 It posted net profit of RM10.6mil on revenue of RM89.3mil for the third quarter ended Sept 30, 2018. 

Gagasan Nadi Cergas expected its facilities management and utilities segment to continue providing recurring income for the remainder of the just ended FY18.