Main Market debutant Tuju Setia Berhad is expecting to win more projects in its financial year ended 31 December 2021, after securing four new contracts totalling RM587.1 million year-to-date.
The construction services company currently has an order book of RM1.14 billion, and is bidding for RM3.8 billion worth of works in constructing high-rise buildings, as well as design & construction of hospitals and healthcare facilities.
Tuju Setia is 2021’s first Main Market Initial Public Offering (IPO) on Bursa Malaysia Securities Berhad today, as it debuted at RM0.775 at first trade, registering a 10.7 percent premium over the issue price of RM0.70 apiece on 4.0 million shares. It reached a high of RM0.875 within the first five minutes of trading.
Wee Eng Kong , Managing Director of Tuju Setia Berhad said, “Tuju Setia’s recent wins demonstrate the robust recovery in construction activity and zeal of property developers to fulfill market demand. Our current RM1.14 billion order book is a testament of our good standing in the construction industry and vote of confidence from our established clientele in our construction capabilities.
Going forward, we intend to stay on our growth path by strengthening our technical expertise and quality in constructing high-rise buildings, as well as design & construction of hospitals and healthcare facilities. Concurrently, we aim to continue expanding our current tender book of RM3.8 billion to sustain our momentum.”
Ongoing projects within Tuju Setia’s order book are Mutiara Central Office Suites (Cheras), Riana Dutamas – Phase 2 (Segambut), The Pulse Residence (Bandar Puteri Puchong), PPAM Sofiya Residensi (Desa ParkCity), Emerald Hills – Phases 3 and 4 (Cheras), TUAI Residence (Setia Alam), 121 Residences (Petaling Jaya), One Equine (Seri Kembangan) and the Kajang Women and Children Hospital.
Wee Eng Kong concluded, “Today, the builder of choice for high-rise buildings reached significant new heights of our own.”
“While we seek to extend our operational and financial track record, we are also aligned to creating value for our shareholders. To this end, Tuju Setia has adopted a dividend policy to distribute 25% of our annual net profits as dividends to our shareholders, as we grow together.”
Tuju Setia’s IPO exercise raised RM56.0 million in proceeds for the Group to strengthen its technical expertise and quality in constructing high-rise buildings, as well as design & construction of hospitals and healthcare facilities.
RM32.0 million will be allocated for capital expenditure. This would be utilised to purchase new construction machinery and equipment, and Building Information Modelling (BIM) system software to upskill design and construction activities. Additionally, the Group would acquire land and construct new storage facilities for better organisation and utilisation of machinery & equipment and improve efficiency of maintenance works.
A further RM19.0 million will be allocated for working capital, and RM5.0 million to defray listing expenses.