Hartanah Kenyalang debuts flat on ACE Market

From left: TA Securities Holdings Bhd head of corporate finance Ku Mun Fong, Hartanah Kenyalang Bhd independent non-executive director Chai Suk Phin, Hartanah Kenyalang executive director cum chief operating officer Tony Cheok Liam Fock, Hartanah Kenyalang deputy managing director Seah Boon Kee, Hartanah Kenyalang independent non-executive chairperson Datin Josephine Hilary Dom, Hartanah Kenyalang managing director Seah Boon Tiat, Hartanah Kenyalang non-executive director Peter Chai Mui Seng, Hartanah Kenyalang independent non-executive director Victor Fong Yoo, Hartanah Kenyalang independent non-executive director Ong Ai-Lyn and TA Securities executive director of dealing Datuk Hamzah Mohd Tahir.

KUALA LUMPUR: Sarawak-based construction services company Hartanah Kenyalang Bhd made its debut on Bursa Malaysia’s ACE Market today, opening at 16 sen, unchanged from its issue price.

The stock remained flat at 16 sen, with a total of 14.55 million shares traded as of 10:28 a.m.

Hartanah Kenyalang’s initial public offering (IPO) raised RM19.34mil. The company is allocating RM3mil from the proceeds to purchase new machineries and IT related hardware and software; RM10.5mil for project working capital; RM2.1mil for loan repayment and RM3.8mil for listing expenses.

In the first quarter ended Jan 31, Hartanah Kenyalang posted a net profit of RM1.9mil, or earnings per share of 0.38 sen on revenue of RM44.8mil.