KUALA LUMPUR: PMW International Bhd
’s shares opened flat at 34 sen, matching its initial public offering (IPO) price of 34 sen on its debut on the ACE Market of Bursa Malaysia.
The Perak-based concrete products manufacturer fell 4.41%, or 1.5 sen, to 32.5 sen at 9.44 am, amid a broadly weaker market. The counter was among the most actively traded, with 48 million shares changing hands.
PMW International is primarily involved in the design, manufacturing, and sale of pre-stressed spun concrete poles, piles and related products, which mainly serve sectors such as electricity, telecommunication, decorative lighting poles for streets and parks, transportation and advertisement poles.
It planned to utilise the proceeds from its IPO for the construction of a new facility at Tanjung Manis, Sarawak and the purchase of new machinery and equipment.
The group has plans to establish the Tanjung Manis facility on about 29 acres of land to produce spun poles and piles for infrastructure development, particularly in peat soil areas.
