Pekat Group Bhd's share price almost tripled to a one -day high of 93 sen, in line with the company's listing on the ACE Market, Bursa Malaysia today.
At 11.26am, Pekat, which offered an initial public offering (IPO) of 32 sen, had registered an increase to 80 sen.
The counter is the most actively traded to date, with about 180 million shares traded.
Concentrated shares previously opened at 85 cents.
With an IPO of 32 sen, Pekat has a market capitalization of about RM206.39 million based on its 644.97 million issued shares.
The company, which specializes in solar photovoltaics (PV) as well as earthing and lightning protection (ELP), previously recorded an oversubscription rate of 76 times for shares made available to the public.
Its Managing Director, Chin Soo Mau said, through support by government initiatives, financial incentives and tax cuts for the encouraging solar industry,
it is ready to capitalize on the growing renewable energy (RE) sector as well as the recovery of the construction sector.
“We expect to benefit from the various PV programs in the country, driven by the continuation of activities in all sub -sectors such as residential, commercial and industrial.
"This includes the rooftop solar initiative by the Clean Energy Metering 3.0 program by the Ministry of Energy and Natural Resources effective from 2021 to 2023 with an allocated quota of 500 megawatts (MW) to further increase solar consumption by this sub -sector," he explained.
Bernama reported that earlier this year, the government set the national target for RE energy capacity at 31% for 2025 and 40% by 2035, largely solar -powered.
On the listing, Soo Mau said, with the RM44.4 million proceeds obtained from the IPO, it hoped to improve services to support tenants and expand its capabilities.
"We will continue to remain competitive and ensure a strong system is in place to enable us to reduce costs and increase efficiency," he said.
He added that the new headquarters and fully integrated operations center in Shah Alam, Selangor, which is expected to be completed in December 2023 will combine
artificial intelligence (AI) features involve sensors, energy management monitoring and data correction.
As of May 3, the company recorded a contract turnover value of RM154.9 million, comprising RM92.8 million for the solar PV project and RM62.1 million for the ELP project.
