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Infomina up more than 60% in early trade on debut

2022-11-25T11:30:00+08:00November 25th, 2022|0 Comments

(From left) Infomina Bhd independent non-executive director Muhkriz Nor Iskandar Mohamed Murad, independent non-executive director Nor’ Azamin Salleh, executive director Raymond Lim, managing director Yee Chee Meng, independent non-executive chairperson Saleena Mohd Ali, ED Mohd Hoshairy Alias, regional sales director Tan Siang Pin, ED Nasimah Mohd Zain as well as M&A Securities Sdn Bhd managing director of corporate finance Datuk Bill Tan and Newfields Advisors Sdn Bhd chief executive officer Seow Lun Hoo.

KUALA LUMPUR (Nov 25): Infomina Bhd, which listed on ACE Market on Friday (Nov 25), jumped as much as 60% to an intraday high of 64 sen in early trade, despite the profit-taking sentiment in the broader market.

At market close, the stock pared gains to settle 13.5 sen or 34% higher at 53.5 sen per share, with 172.63 million shares changing hands, being the third most actively traded counter among all Bursa Malaysia-listed securities on Friday.

At its closing price, Infomina has a market capitalisation of RM321.67 million.

In comparison, the FBM KLCI fell by 1% or 15.34 points to 1,486.54 on Friday, with 629 stocks on Bursa Malaysia closing lower versus 347 gainers while 362 counters remained unchanged.

Infomina specialises in the design and implementation of technology application and infrastructure solutions that support the fundamental business operations of large private and public enterprises. The group further supports its clients through customised operations, maintenance and support services.

The group’s listing raised approximately RM32.47 million via a public issue of 81.17 million new ordinary shares at an issue price of 40 sen per share.

Of the proceeds raised via this initial public offering, 43% will be used for working capital, 23.4% for strengthening the group’s research and development capabilities, 17% for regional expansion, 2.7% for branding and marketing, and the remainder for listing expenses.

“We are optimistic that there is more room for growth as we execute our order book of more than RM440 million,” said managing director Yee Chee Meng in a statement on Friday.

“Additionally, we are hopeful that our tender book of RM375 million will translate into new contracts and positive news flow in the coming months ahead,” he added.

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