Wawasan Dengkil rallies over 16pct, nears 25 sen IPO level
KUALA LUMPUR: Wawasan Dengkil Holdings Bhd surged more than 16 per cent in early trade, closing in on its initial public offering (IPO) price of 25 sen, a level it failed to hold on debut in March.
The counter opened flat at 21 sen before climbing 16.67 per cent or 3.5 sen to a morning high of 24.5 sen, amid a broader market optimism that also saw a strong debut from Signature Alliance Group Bhd.
The FTSE Bursa Malaysia KLCI also opened higher, gaining 2.73 points or 0.18 per cent to 1,510.70. Most sectoral indices were in the green, except energy, financial services, healthcare and telecommunications and media.
By 11.34am, the earthworks and civil engineering firm had eased to 23.5 sen, still up 11.90 per cent with 3.57 million shares changing hands.
Since its ACE Market debut on March 25, the stock has touched a low of 20.5 sen, after ending its first trading day two sen, or eight per cent, lower at 23 sen.
The firm has breached the IPO price of 25 sen twice over the past 72 days, reaching a high of 25.5 sen, its highest level so far.
Wawasan Degkil, which specialises in road, drainage and sewerage system construction, posted a net profit of RM2.13 million for its third financial quarter ended March 31, 2025.
The earnings were lifted by contributions from its construction segment and lower depreciation costs in its machinery rental unit.
Revenue came in at RM40.63 million, mainly from ongoing infrastructure projects such as the LRT Line 3, Sungai Long and Setia Alaman developments.
No year-on-year comparisons were available as this marks Wawasan Dengkil's first financial disclosure since listing.
As at end-March, the group held RM24.39 million in cash and bank balances. Total liabilities stood at RM96.09 million, including RM52.75 million in bank borrowings.
The group said it remains focused on delivering its RM369.6 million order book, comprising 13 active projects. It also plans to pursue solar infrastructure jobs under the National Energy Transition Roadmap.
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