SLGC opens flat at 28 sen in ACE Market debut
KUALA LUMPUR: Building construction services provider SLGC Bhd opened unchanged at 28 sen on its debut on the ACE Market of Bursa Malaysia today, matching its initial public offering (IPO) issue price.
KUALA LUMPUR: Building construction services firm SLGC Bhd began trading at 28 sen on its ACE Market debut today, unchanged from its IPO price. The stock saw 21.84 million shares traded. Managing director Yong Zhen Lin stated the listing signified a new chapter for the company, granting a stronger platform for long-term growth and greater responsibility to deliver consistent value to shareholders.
SLGC, through its subsidiaries, specializes in building construction services, including design-and-build and external works. The company, established in 2009, has a 17-year track record, progressing from a subcontractor in Johor to a main contractor for various projects across Malaysia. As of August 12, SLGC had an unbilled order book valued at RM1 billion, providing earnings visibility until the financial year ending December 31, 2030.
The company raised RM29.4 million from the public offering, with funds allocated towards construction machinery and equipment, repayment of bank borrowings, software upgrades, and general working capital. The remaining funds will cover estimated listing expenses. Principal adviser, sponsor, underwriter, and placement agent for the IPO is M & A Securities Sdn Bhd.
Yong expressed the company's priority to execute existing projects while expanding its order book, noting a strong tender book in the industrial segment driven by investments in manufacturing, logistics, data centers, and other facilities.
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