KUALA LUMPUR (Aug 28): Kejuruteraan Asastera Bhd (KAB) effectively lists on Bursa Malaysia’s Main Market today.
It had gotten the necessary regulatory approvals from the Securities Commission Malaysia (SC) and Bursa Securities for the listing transfer from the ACE Market to the Main Market.
According to an announcement to Bursa, the listing transfer involved a share capital of RM48.3 million with 925.57 million units.
In a separate statement, KAB managing director Datuk Lai Keng Onn said benefits of a Main Market listing include strengthening the group’s competitive advantage to supplement the group’s growth plans as well as customer acquisitions and expansion of businesses with recurring income.
He added that the transfer would also benefit the group by elevating KAB’s profile among customers and other key stakeholders as well as strengthen the group’s shareholder base with higher institutional participation.
“We have great ambitions ahead and already established a blueprint in businesses with strong prospects, i.e. energy efficiency, solar power, cogeneration and waste heat recovery as well as new technology.
“This is a major milestone for us and we are delighted to have finally made our successful debut on the Main Market after all the years of hard work and dedication. We want to continue strengthening our presence in our core business and new businesses to help KAB grow to greater heights.
“We believe there will be opportunities present in this crisis and being on the Main Market will provide capital for us to significantly grow our customer base, which will lead to better growth in our top and bottom lines. We are very optimistic about the future of the group,” added Lai.
At 11.18am, shares in KAB were unchanged at RM1.18, valuing the group at RM1.09 billion.
Edited by Joyce Goh