KGW makes ACE Market debut at 23 sen/share

From left: KGW managing director Datuk Roger Wong, independent non-executive chairwoman Tengku Faizwa Tengku Razif, independent non-executive director Lim Joo Seng, executive director, chief operating officer Cheok Hui Yen, independent non-executive director Lee Li Choon and independent non-executive director Lean Sze Yau

KUALA LUMPUR: KGW Group Bhd opened for trading at 23 sen a share on its debut on the ACE Market of Bursa Malaysia, representing a premium of 9.5% over the initial public offering (IPO) price of 21 sen a share.

The logistics services provider raised a total of RM16.73mil from the IPO, of which RM10mil will be used to repay bank borrowings in relation to the purchase of a freehold three-storey building with an annexed two-storey warehouse in Glenmarie, Shah Alam.