Plytec Shares Make Excellent 'Debut' On ACE Malaysia Bursa


 Today, the shares of Plytec Holding Bhd, the construction engineering solutions and services group received a warm welcome during its debut on Bursa Malaysia's ACE Market.

At the opening, Plytec shares were trading at 36 sen, a difference of one sen compared to the initial public offering (IPO) price of 35 sen.

In the first 45 minutes, the second most active counter fell to 34 cents with 54.4 million shares changing hands. The group also increased the issue of shares by 606.06 million with a market capital of approximately RM 212.12 million.

Plytec managed to raise as much as RM37.1 million based on the IPO and RM7.8 million of which was used for the purpose of strengthening the position and increasing the capacity for temporary work equipment.

Group Managing Director, Yang Kian said that the domestic market contributed the most during the opening of the share sale and Plytec will continue to study to expand its business at the regional level.

He further said that Plytec's listing on Bursa Malaysia is an important step towards making the leading engineering solutions provider group show its confidence to continue to grow.