Building and infrastructure construction services provider, TCS Group Holdings Berhad, has successfully debuted on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Securities”) today.
The stock is categorised under the Construction sector, carries the stock name of TCS and stock code of 0221.
Managing director of TCS Group, Tee Chai Seng said, “We are delighted to be entering a new and exciting chapter of our corporate journey. Going public is a significant milestone for us. From here on, the journey continues as this is just the beginning of our next chapter of growth.”
“With the listing proceeds raised, we can now accelerate the execution of our future plans in expanding our foothold in the high-rise, purpose-built and institutional buildings segments. Another priority for us is to form a new infrastructure project team to expand our infrastructure construction services to capitalise on the opportunities arising from Government measures and economic stimulus packages. In order to enhance our capabilities and to support our growth plans, we will also acquire new machinery and equipment such as trucks, excavators and tower cranes, to name just a few,” he added.
“We are confident that TCS’ prospects in the building construction industry remain favourable, backed by the implementation of various government measures and economic stimulus packages to strengthen the Malaysian economy, our competitive strengths and continuous efforts in expanding our services and capabilities. Looking ahead, the Group continues to focus on tendering for building and infrastructure construction projects in both the private and public sectors. We will work twice as hard to bring our Group to greater heights and deliver sustainable value to our shareholders,” he concluded.
TCS raised a total of RM20.70 million from the public issue under its initial public offering (“IPO”), of which RM13.00 million or 62.80 percent will be used to acquire new construction machinery and equipment.
RM4.20 million or 20.29 percent will be utilised for the Group’s working capital to partly finance existing projects and future projects, while the remaining RM3.50 million or 16.91 percent will be used to defray listing expenses.
RHB Investment Bank Berhad is the Sole Principal Adviser, Sponsor, Sole Underwriter and Sole Placement Agent for the IPO exercise.