Express Powerr gains on ACE Market debut

From left: Farah Shireen Mohamed Said, Independent Non-Executive Director of Express Powerr Solutions; Aun Siew Kuan, Independent Non-Executive Director; Abdul Rahman Adam, Independent Non-Executive Director; Lim Cheng Ten, Managing Director; Datuk Mohd Redza Shah Abdul Wahid, Independent Non-Executive Chairman; Rosli Jonid, Non-Independent Executive Director; Chew Sing Guan, Managing Director of Mercury Securities; and Eric Chong Soo Keng, Head of Corporate Finance

KUALA LUMPUR: Express Powerr Solutions (M) Bhd, which debuted on the ACE Market yesterday, closed at 22.5 sen compared to its initial public offering (IPO) price of 20 sen per share.

The generator rental firm’s stock was also the most active counter of the day with 170.97 million shares changing hands.

The counter opened at 21.5 sen, a premium of 1.5 sen over its IPO, with 28.44 million shares changing hands at the opening bell.

In a statement, the company said of the RM36mil raised from the IPO, RM20.5mil (56.9%) has been allocated for the purchase of generators and RM5mil (13.9%) for repayment of bank borrowings. — Agencies