CC International posts modest premium on LEAP Market debut

CC International Bhd executive chairman Datuk Dr. Chua Hock Hoo (fourth from left).

KUALA LUMPUR: CC International Bhd made its debut on the LEAP Market of Bursa Malaysia with an opening price of 27 sen, representing a premium of one sen over its 26 sen reference price.

“Today, we move one significant step closer to realising our business plans. Moving forward, we intend to leverage on our strong track record and continue to seek market opportunities and strengthen our presence in the local and regional markets.

“Given our strong foundation, expertise and experience, we are confident the group will continue to record strong performance in the coming years,” executive chairman Datuk Dr. Chua Hock Hoo said in a statement.

CC is a multidisciplinary professional business services provider. Its service offerings comprise accounting and business service outsourcing, tax, corporate secretarial, business consultancy and wealth management services.

In conjunction with its listing, CC International had undertaken a placement of 38.70 million new ordinary shares, which represents 10% of its enlarged share capital of 386.24 million shares, at an indicative issue price of 26 sen per issue share, to selected sophisticated investors.

Based on the issue price, CC International had raised total gross proceeds of RM10.06mil whereas its market capitalisation is at RM100.42mil.

Upon listing, RM6mil of the gross proceeds raised will be used to fund the group’s organic growth and business expansion through mergers and acquisitions, joint ventures, strategic partnerships and/or collaborations with other professional service providers that provide similar or complementary services.

Another RM1mil of the gross proceeds raised will be utilised for investment in software and hardware for its new branch offices as well as additional information technology personnel to support the group.

The remaining balance raised of approximately RM2mil and RM1mil will be allocated to fund CC International’s working capital and estimated listing expenses respectively.

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!


Next In Business News

Wall St heads for lower open on rate hike worries
Pharmaniaga 2Q net profit tumbles 95% to RM722,000
Carlsberg 2Q net profit more than double to RM89mil, declares 22 sen dividend
AirAsia X posts RM652.51mil net loss in 4Q
Ringgit slides as US dollar soars across markets
Sapura Energy to dispose of three drilling rigs for US$8.2mil
Inari cautiously optimistic on prospects
TNB, PETRONAS sign MoU for carbon-neutral aspirations
Wahid: Foreign shareholding remains above 20%, but not at pre-pandemic level
Bursa Malaysia closes broadly lower on continued profit-taking

Others Also Read