Enproserve rises 8.3pct on Ace Market debut
The stock climbed to a high of 30.5 sen, representing a 27 per cent gain, with 32.7 million shares traded.
Enproserve raised RM50.4 million through its IPO to enhance its capabilities in providing mechanical and civil engineering services to the oil and gas as well as petrochemical sectors.
The IPO involved the issuance of 315 million new shares, representing 30 per cent of its enlarged share capital of 1.05 billion shares.
From the total proceeds, Enproserve intends to allocate RM33.7 million, or 66.9 per cent, towards capital and operational expenditure.
This includes investments in heavy-lifting equipment, facility upgrades, and the expansion of its plant maintenance and turnaround service offerings.
Enproserve holds full accreditation under Petroliam Nasional Bhd's licensing and registration system for the relevant standardised work and equipment category codes, enabling the group to offer a wide range of services to Malaysia's oil and gas and petrochemical industries.
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