Cheeding leads gainers after strong ACE Market debut

From left: TA Securities executive director dealing Shaari Mat Hussin, Cheeding chief operating officer Ng Lam Shein, TA Securities head of corporate finance Ku Mun Fong, Cheedig executive director Ng Chai Hsia, independent non-executive chairperson Saw Wai Chuan, Cheeding managing director Ng Kian Chai, project director Ng Lam Tiong, independent non-executive director Wendy Kam, independent non-executive director Chang Poh Sheng and independent non-executive director Poh Zuan Yin

KUALA LUMPUR: Cheeding Holdings Bhd emerged as the top gainer in the early session today following an impressive debut on the ACE Market of Bursa Malaysia.

At 11.35 am, the company’s shares rose 37 sen to 73 sen, with 144.24 million shares traded.

Cheeding chief operating officer Ng Lam Shein said the listing marked a proud milestone for the group and reflected the hard work of its employees and the trust of its clients.

"Being listed on Bursa Malaysia gives us greater visibility and positions us to take on bigger responsibilities in supporting Malaysia’s power infrastructure needs.

"Our focus remains on executing our order book efficiently, strengthening our technical capabilities, and expanding our client base to drive sustainable growth in the years ahead,” he said in a statement today.

At the opening bell, the company’s shares rose to 72 sen, a 36 sen premium over its initial public offering price, with 26.09 million shares traded.

Through its wholly owned subsidiary, Pembinaan Bukit Cheeding Sdn Bhd, Cheeding Holdings has received a letter of acceptance (LOA) from Tenaga Nasional Bhd for a proposed 275-kilovolt bulk supply to Computility Technology Sdn Bhd Plot 1 in Gelang Patah, Johor, valued at RM33.94 million.

In a filing with Bursa Malaysia yesterday, the company said the contract takes effect from the date of the LOA and is to be completed within 240 days from the commencement date. - Bernama