KUALA LUMPUR: Mechanical engineering services provider Pioneer Heat Holdings Bhd is actively tendering for several projects, particularly in the oil and gas (O&G) and petrochemical sectors, as it seeks larger, more complex jobs following its ACE Market debut.
Pioneer Heat debuted on Bursa Malaysia’s ACE Market at 25.5 sen, a 2% premium over its initial public offering (IPO) price of 25 sen.
At 5pm, the stock closed 20%, or five sen, higher at 30 sen, with 80.18 million shares traded.
Chief executive officer and executive director Wong Wei Ken said the two sectors are expected to remain the group’s main growth drivers, with several projects currently under tender.
“We are very actively tendering,” he said during a virtual press conference following the company’s listing yesterday.
“I cannot disclose too much on the project names.
“Howerver, I can say that we are aiming for a few projects that will hopefully be secured in the coming third and fourth quarters.”
He said investments in new facilities and additional capabilities are expected to support higher revenue going forward, although the group did not provide a specific revenue growth target.
