Dancomech debuts at 80 sen

KUALA LUMPUR: Dancomech Holdings Bhd, a process control equipment and measurement instruments distributor, began its first-day trading on the Main Market of Bursa Malaysia at 80 sen, half a sen over its issue price of 75 sen, on a volume of 2.36 million shares.
"Given the challenging market currently, we don't expect too much, but we are very happy with the opening price," its managing director Daniel Aik Swee Tong told a press conference after the group's listing ceremony today.
The Shah Alam-based company raised RM18 million through the listing, to be used for repayment of bank borrowing, purchase of office cum store and equipment, working capital, as well as listing expenses.
Dancomech's initial public offering entailed 24 million new ordinary shares, including the public issue of 7.5 million shares of its enlarged issued and paid-up share capital and 2.5 million shares for eligible directors, employees and persons who have contributed to the success of the group.