Hartanah Kenyalang debuts flat on ACE Market

KUALA LUMPUR: Sarawak-based construction services company Hartanah Kenyalang Bhd made its debut on Bursa Malaysia's ACE Market today, opening at 16 sen, unchanged from its issue price.
The stock remained flat at 16 sen, with a total of 14.55 million shares traded as of 10:28 a.m.
Hartanah Kenyalang's initial public offering (IPO) raised RM19.34mil. The company is allocating RM3mil from the proceeds to purchase new machineries and IT related hardware and software; RM10.5mil for project working capital; RM2.1mil for loan repayment and RM3.8mil for listing expenses.
In the first quarter ended Jan 31, Hartanah Kenyalang posted a net profit of RM1.9mil, or earnings per share of 0.38 sen on revenue of RM44.8mil.

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