Double joy for HE Group Bhd after it successfully debuted on ACE Market of Bursa Malaysia Securities Bhd yesterday (Jan 30), as its unit has also secured a work order for a low voltage distribution system with a contract value of RM34.79 million.
In a statement, electrical engineering service provider said its unit Hexatech Engineering Sdn Bhd had also accepted a new work order from a manufacturer of semiconductor components in relation to a design, supply, installation, testing and commissioning of low voltage power distribution system yesterday.
The customer is a subsidiary of a public listed company on Frankfurt Stock Exchange with headquarters in Munich, Germany and holding company is a leading global provider of semiconductors.
The work will commence on 31 January 2024 and is expected to be completed by 30 April 2024, and the contract value of RM34.79 million exclude tax and variation orders, if any, in the future.
“Barring any unforeseen circumstances, the work order is expected to contribute positively towards the future earnings of HE Group for the duration of the work order.
“(It) will not have any effect on the share capital and substantial shareholders’ shareholdings of HE Group,” it said yesterday.
Yesterday, He Group debuted in the ACE Market, with an opening price at 43 sen, representing a premium of 53.57% over the issue price of 28 sen, with an opening volume of 9,817,200 shares.
This debut follows an IPO oversubscription of 63.35 times, reflecting strong confidence in the group’s business operations and growth potential.
Through the initial public offering (IPO), the company had raised a total of RM24.33 million, of which 62.19% of the proceeds will be used to supplement its working capital requirements.
It has allocated RM3.65 million (15%) for its business expansion, RM3.8 million (15.62%) for listing expenses, and the remaining RM1.75 million (7.19%) for capital expenditure.
