Master TEC Group Bhd’s Group (MTEC, 0295) made its debut on the Bursa Malaysia’s ACE Market today (Jan 29), opening at 39 sen, the same as its initial public offering (IPO) price.
The first trading volume of this new stock reached 11.36 million shares.
Within an hour after the market opened, the stock fluctuated within a narrow range above 39 sen, rising as high as 1 sen to 40 sen. As of 10am, the stock was back at a flat price of 39 sen.
MTEC previously reported to Bursa Malaysia that its net profit in the third quarter of fiscal year 2023 was RM5.77 million; its revenue was RM65.21 million.
In the first nine months, the group’s cumulative net profit was RM19.4 million; its cumulative revenue was RM203.25 million.
The listing raised RM61.66 million, and the proceeds will be used to build a new cable manufacturing plant and purchase new machinery and equipment.
It was earlier reported that the ACE Market-bound power cable manufacturer (MTEC) had 51 million initial public offering (IPO) shares available for public application have been oversubscribed by 7.11 times.
The Melaka-based company said a total of 7,276 applications for 413.65 million shares worth RM161.32mil were received from the Malaysian public for the IPO shares.
Since its establishment in 2006, MTEC has been a pivotal player in the realm of connectivity. Operating as an investment holding company, it has consistently delivered superior solutions in power, control, and instrumentation cables through MTWC. Master Tec Group’s journey began in 2005, starting with the production of PVC cables and electronic wires.
Over the years, the company has grown to become one of Malaysia’s leading manufacturers, diversifying into a range of electrical and communication solutions. Today, Master Tec Group is renowned for its high-quality offerings, including Low Voltage Power Cables, Control Cables, Instrumentation Cables, and Fire Resistance Cables, catering to various applications.
