Gold Li disappoints on trading debut

From left: Ngiam Mia Teck, Independent Non-Executive Director, Gold Li; Lim Seok Kim, Shareholder; Fatimah Zahrah Baharim, Independent Non-Executive Director; Kee Tong Kiak, Independent Non-Executive Chairman; Datuk Lee Tiau Huat, Managing Director; Datin Lau Siew Su, Executive Director and Chief Operating Officer; Kong Yee Foon, Independent Non-Executive Director; Lee Teoh Keng, Shareholder; Datuk Bill Tan, Executive Director, M & A Equity Holdings; and Gary Ting, Head of Corporate Finance, of M & A Securities

PETALING JAYA: Johor-based property developer Gold Li Holdings Bhd has made a weak Bursa Malaysia debut, ending its first trading day 19.2% below its issue price.

The stock closed at 10.5 sen by 5pm, down from the issue price of 13 sen. About 44.19 million shares changed hands.

Earlier at the opening gong, Gold Li made its debut on the ACE Market at 12 sen, a discount of one sen.

In a Bernama report, Gold Li chief financial officer Tey Bock Heng said the weaker opening price could be due to broader market conditions and external uncertainties, but described the impact as temporary.

“We remain confident that over time the share price will better reflect the underlying value, fundamentals, and growth prospects of the group.”