PETALING JAYA: MM Computer Systems Bhd (MMCS) made its debut on the ACE Market of Bursa Malaysia yesterday, opening at 22 sen – in line with its initial public offering (IPO) price of 22 sen per share.
At 5pm, the stock gained half a sen to close at 22.5 sen.
In a statement, the enterprise information technology (IT) solutions provider said the public issue successfully raised gross proceeds of RM26.18mil.
“To support the expansion of MMCS and its subsidiaries’ project execution capabilities, the group has strategically allocated RM16.93mil for the procurement of IT hardware and software necessary to fulfil larger contracts.”
It said RM3.1mil is earmarked for workforce expansion and capability development. The remaining proceeds will be deployed for partial repayment of bank borrowings (RM1.5mil) and listing expenses (RM4.65mil).
