One Gasmaster managing director and CEO Ivan Tan Kean Yok.
KUALA LUMPUR: ACE Market debutant One Gasmaster Holdings Bhd aims to strengthen revenue visibility post-listing by expanding its longer-term service and maintenance contracts.
The company tracks its maintenance contracts, which are interval-based, according to managing director and chief executive officer Ivan Tan Kean Yok.
“We monitor them regularly and engage with customers at each interval when orders are issued,” he told reporters at the company’s listing ceremony here yesterday.
The gas solution provider made its debut on the ACE Market of Bursa Malaysia at 23.5 sen, a discount of 1.5 sen from its IPO price of 25 sen, with 1.86 million shares traded.
At 5pm, the stock closed 0.5 sen lower or 20% to 20 sen with 46.16 million shares changing hands.
Commenting on the lower opening price, Tan said the market could be volatile in the short term due to various factors, adding that day-to-day fluctuations did not necessarily reflect the underlying fundamental value of the business.
He said the company remained confident that its business fundamentals and long-term prospects are intact, with management fully focused on executing its strategy, implementing its growth plan, and building sustainable value for shareholders over time.
It was reported that global challenges and uncertainties, including geopolitical tensions, had affected the company. However, Tan said business conditions are beginning to improve.
“Previously, market uncertainty affected customer sentiment, but we are now seeing fundamentals shift in a more positive direction. Discussions with clients have resumed and projects are progressing,” he said. — Bernama
