Elsa to grow digital technology, robotics, engineering segments after positive ACE Market debut

Form left: Koh Chong Wooi, Senior Vice President, Corporate Finance, Malacca Securities; Law Kim Fatt, Co-Head, Corporate Finance; Datuk Indera Mohd Shahar Abdullah, Deputy Minister of Economy; Lim Chia Wei, Managing Director, Malacca Securities; Akmal Nasrullah Haji Mohd Nasir, Minister of Economy; Amiruddin Mohd Zain, Executive Chairman, Elsa; Daniel Ilham Khong, Managing Director; Junady Nawawi, CEO, Teraju; Nurul Syakinah Abdul Rafar, Non-Independent Non-Executive Director, Elsa; Aliza Ashari, Independent Non-Executive Director; Azuraida Shahadan, Independent Non-Executive Director; Datuk Seri Nor Azmie Diron, Secretary General of Ministry of Economy; and Mohd Shahriman Mohd Sidek, Independent Non-Executive Director, Elsa

KUALA LUMPUR: Integrated oil and gas services and equipment (OGSE) provider Elsa Bhd aims to accelerate its growth in the digital technology, robotics, and engineering segments following an encouraging debut on Bursa Malaysia’s ACE Market today.

At 9 am, Elsa’s shares traded at 25 sen, representing a two-sen premium over its initial public offering (IPO) price of 23 sen, with 11.08 million shares traded.

Its chief operating officer, Azril Hassan, said given the current industry landscape, digital fields remain among the most in-demand sectors and continue to attract growing market interest.

"Our ambition is to grow further into digital engineering and robotics, which are key focus areas moving forward, and expand beyond the oil and gas sector into non-oil and gas businesses.

"We also hope that the company will achieve a market capitalisation of about half a billion within the next three to four years,” he said in a press conference today.

Regarding the conflict in West Asia, Azril said Elsa, as an OGSE services company, views it as an opportunity rather than a risk.

"Our services are designed to improve efficiency and productivity within our clients’ ecosystems, so we see this situation as a chance to create added value rather than a gap or risk that needs to be managed,” he said.

Elsa’s listing today marks the first among 20 high-potential new-generation Bumiputera companies identified by the Bumiputera Agenda Steering Unit (TERAJU) through the Bumiputera Strategic Ownership Fund (BSAF), in line with the aspirations of the Bumiputera Economic Transformation Plan 2035 (PuTERA35).

The listing ceremony was attended by Minister of Economy Akmal Nasrullah Mohd Nasri, Deputy Minister Datuk Mohd Shahar Abdullah and TERAJU chief executive officer Junady Nawawi.

Junady said that Elsa’s success demonstrates how TERAJU’s support ecosystem helps high-potential Bumiputera companies accelerate their journey to the capital market.

"Through strategic financing support via BSAF, TERAJU helps Bumiputera companies strengthen their business capacity, enhance competitiveness, and accelerate readiness toward public listing.”

"TERAJU will continue to strengthen this ecosystem to produce more competitive, high-impact Bumiputera companies that are ready to advance to the next level in line with the aspirations of PuTERA35,” he added. - Bernama