Latest news with #Fibromat(M)Bhd
The Star
15-05-2025
- Business
- The Star
Fibromat wins RM283.5mil contract for Central Spine Road works
Fibromat (M) Bhd managing director and chief executive officer Danny Ng Kian Boon KUALA LUMPUR: Fibromat (M) Bhd 's wholly-owned subsidiary, MTS Fibromat (M) Sdn Bhd has secured a contract worth RM283.5mil from Casa Hartamas Sdn Bhd. In a filing with Bursa Malaysia, Fibromat said the subcontract was for the supply of materials, labour, and equipment for geotechnical and erosion control works under the Central Spine Road Package 2 and Section 2A. The project involves road construction from the Sungai Lakit Bridge to Gua Musang and from the bridge to Paloh 2, in Kelantan. The geotechnical solutions and specialist engineering company said the construction period spans 24 months, from May 15, 2025, to May 15, 2027. MTS Fibromat plays the role of a subcontractor to the contractor, Casa Hartamas, who has received the award to build the road from the main contractor Core Value Sdn Bhd. The ultimate owner of the Central Spine Road is the Public Works Department. 'This project marks a significant milestone for Fibromat as it represents our first foray into infrastructure construction services, specifically in contributing to a portion of the Central Spine Road project in Kelantan. 'It presents an excellent opportunity for us to expand our capabilities and diversify our portfolio beyond our core expertise. We are honoured to be entrusted with this role and are committed to delivering high standards of quality and safety,' Fibromat managing director and chief executive officer Danny Ng Kian Boon said in a statement. 'In accordance with the JKR Works Schedule, our scope of work includes, but is not limited to, demolition and site clearance, earthworks, drainage works, pavement works, road furniture, environmental protection works, geotechnical components, and supporting structural works. 'This venture supports our strategic goal of gradually establishing a presence in infrastructure development as a turnkey service provider in Malaysia,' he added. With this new project, Fibromat's outstanding order book rises to about RM317.8mil as at May 15.
New Straits Times
15-05-2025
- Business
- New Straits Times
Firbromat bags RM283.5mil subcontract for CSR project in Kelantan
KUALA LUMPUR: Fibromat (M) Bhd's wholly-owned subsidiary, MTS Fibromat (M) Sdn Bhd, has secured a RM283.5 million subcontract for the execution and completion of geotechnical and erosion control works for the Central Spine Road (CSR) project in Kelantan. In a filing with Bursa Malaysia today, the company said the project under CSR Package 2 and Section 2A entails the geotechnical services and infrastructure-related works for road construction from Sungai Lakit Bridge to Gua Musang and Sungai Lakit Bridge to Paloh 2. MTS Fibromat has accepted the Letter of Award from Casa Hartamas Sdn Bhd. The 24-month contract will commence from May 15, 2025 to May 15, 2027. MTS Fibromat will act as a subcontractor to Casa Hartamas, which was appointed by the main contractor, Core Value Sdn Bhd. The ultimate project owner is the Public Works Department of Malaysia. Fibromat managing director and chief executive officer Danny Ng Kian Boon said the project marks a significant milestone for the company as it represents its first foray into infrastructure construction services, particularly through participation in a portion of the CSR project. "It presents an excellent opportunity for us to expand our capabilities and diversify our portfolio beyond our core expertise. "In accordance with the JKR Works Schedule, our scope of work includes, but is not limited to, demolition and site clearance, earthworks, drainage works, pavement works, road furniture, environmental protection works, geotechnical components, and supporting structural works," he said. Ng said the venture supports the company's strategic goal of gradually establishing a presence in infrastructure development to become a turnkey service provider in Malaysia. The project is expected to contribute positively to Fibromat's financial performance over the next two to three years, beginning May 15, 2025. With the inclusion of this new project, Fibromat's outstanding order book now stands at about RM317.8 million as at May 15, 2025. The company remains confident that its focus on high-impact projects will continue to drive positive financial results.
New Straits Times
13-05-2025
- Business
- New Straits Times
IPO momentum slows, but market holds steady
KUALA LUMPUR: Heightened global uncertainty, largely stemming from escalating trade tensions, has dampened sentiment across equity markets, putting pressure on initial public offerings (IPOs)—and Malaysia is no exception. Despite the global downturn in IPO activity, Universiti Kuala Lumpur Business School economic analyst Associate Professor Aimi Zulhazmi Abdul Rashid said Malaysia's domestic economy remains resilient. "The domestic business climate is certainly good and flush with liquidity. Among them is the lowering of the statutory reserve requirement, while the overnight policy rate is held firm at 3.0 per cent for almost two years, creating financial stability and encouraging positive business growth in all economic segments. "As the export data continue to be challenged by global development, the domestic economy is healthy with low inflation at 1.5 per cent and double-digit growth in the construction industry," he said. As of now, Bursa Malaysia has recorded 20 IPOs for the year, with 17 on the ACE Market and three on the Main Market. However, most of these listings have seen underwhelming performances, reflecting weak investor confidence. A notable example is Fibromat (M) Bhd, which debuted at 46 sen—representing a 16.36 per cent discount from its IPO price of 55 sen—highlighting the effects of ongoing market volatility. The challenging environment has also led to postponements of several planned IPOs. Cuckoo International (MAL) Bhd, which was scheduled to list on the Main Market on April 30, has delayed its debut by two months. Similarly, SPB Development Bhd has pushed back its IPO indefinitely, missing its earlier target date of April 21. According to UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research, Mohd Sedek Jantan, the ongoing trade tensions and investor caution are key factors behind the postponements. "The gap between Trump's trade rhetoric and concrete policy outcomes continues to fuel investor hesitancy. This uncertain environment necessitates careful IPO timing and a strong emphasis on fundamentals to navigate ongoing market turbulence. "Persistent external risks—including the threat of retaliatory measures from China or other trading partners—may further intensify delays, as companies confront growing concerns from stakeholders across their value chains," he told Business Times. Beyond immediate market implications, Mohd Sedek noted that the slowdown in IPOs could have longer-term effects on corporate governance. IPOs are vital for driving board transitions, attracting new directors, and aligning companies with evolving regulatory standards. "A prolonged IPO drought risks stagnating this dynamism, especially for high-growth sectors like tech and electrical and electronics. Reviving IPO activity is therefore essential, not merely for revitalising capital markets but for reinforcing the adaptive capacity of Malaysia's corporate governance ecosystem," he said. Malaysia's experience mirrors a global trend. Economic and geopolitical uncertainties have prompted IPO delays worldwide. In the US, protectionist trade policies have curtailed capital-raising efforts. India has also seen IPO deferments, with Avanse Financial Services and Anthem Biosciences among the latest to postpone listings. In Europe, fashion e-commerce giant Shein has paused its anticipated London IPO, joining a growing list of delayed debuts that includes Shawbrook Group and fintech firm Ebury. Looking ahead, Mohd Sedek believes Bursa Malaysia could still approach its annual target of 60 IPOs—but cautioned that ongoing uncertainty may temper expectations. "Unless market conditions stabilise significantly and the existing pipeline materialises without major delays – potentially closing the year with 50 to 55 listings, broadly in line with its 2024 performance," he added.
The Star
08-05-2025
- Business
- The Star
Fibromat aiming to shore up investor confidence
KUALA LUMPUR: Fibromat (M) Bhd made a lacklustre debut on Bursa Malaysia's ACE Market yesterday, following its transfer from the LEAP Market. The geotechnical services firm opened at 46 sen, 16% below its initial public offering (IPO) price of 55 sen per share. Fibromat specialises in the design, manufacturing, installation and trading of geosynthetics and erosion control products. Executive director Wallace Ng Chun Hou said the company may need to strengthen its performance further to build investor confidence. 'We grew from a small company into a more integrated geotechnical solutions provider, and today, many of our customers, including developers and government agencies, believe in us. 'But from a capital market perspective, we acknowledge there is still room for improvement. We need to continue delivering strong performance to build investor confidence over time,' he said at a press conference in conjunction with the listing. Fibromat is the latest ACE Market listing to underperform, with all eight debuts since March closing below their IPO prices on the first day. Wallace also suggested that the weak market performance may be due to limited public awareness and understanding of the value of its specialised work. 'When the public sees greenery along highways, they do not know the engineering behind it. We are proud of our contributions, but we also recognise the need to raise awareness – and we believe this will help better reflect our value in the capital market,' he said. Fibromat managing director and chief executive officer Ng Kian Boon said the IPO raised RM17.8mil in proceeds. 'With the RM17.8mil raised from the IPO, we plan to use about RM7.6mil to purchase two jute-based erosion control blanket stitching machines and four dust collectors with ducting. All the new machines will be installed at our factory located in Rasa, Selangor, to expand our production of erosion control blankets,' he said. Kian Boon added that the company plans to enhance its in-house capabilities by setting up a prefabricated vertical drain (PVD) installation team and acquiring five hydraulic excavators. PVDs are geosynthetics installed in soft ground to improve soil stability. Fibromat's notable projects include the West Coast Expressway, the Sarawak Second Trunk Road, and Phase 1A of the Sabah Pan Borneo Highway. The company is also actively bidding for contracts under Phase 1B of the Sabah Pan Borneo Highway and the Sarawak-Sabah Link Road. — Bernama
The Sun
08-05-2025
- Business
- The Sun
Fibromat makes lacklustre debut on ACE Market
KUALA LUMPUR: Fibromat (M) Bhd made a lacklustre debut on Bursa Malaysia's ACE Market today, following its transfer from the LEAP Market. The geotechnical services firm opened at 46 sen, 16% below its initial public offering (IPO) price of 55 sen per share. Its shares closed at 49.5 sen, 10% below the IPO price. Fibromat specialises in the design, manufacturing, installation and trading of geosynthetics and erosion control products. Executive director Wallace Ng Chun Hou said the company may need to strengthen its performance further to build investor confidence. 'We grew from a small company into a more integrated geotechnical solutions provider, and today, many of our customers, including developers and government agencies, believe in us. But from a capital market perspective, we acknowledge there is still room for improvement. We need to continue delivering strong performance to build investor confidence over time,' he said at a press conference in conjunction with the listing. Fibromat is the latest ACE Market listing to underperform, with all eight debuts since March closing below their IPO prices on the first day. Wallace suggested that the weak market performance may be due to limited public awareness and understanding of the value of its specialised work. 'When the public sees greenery along highways, they do not know the engineering behind it. We are proud of our contributions, but we also recognise the need to raise awareness – and we believe this will help better reflect our value in the capital market,' he said. Meanwhile, Fibromat's managing director and chief executive officer, Ng Kian Boon, said the IPO raised RM17.8 million. 'With the RM17.8 million raised from the initial public offering, we plan to use about RM7.6 million to purchase two jute-based erosion control blanket stitching machines and four dust collectors with ducting. All the new machines will be installed at our factory located in Rasa, Selangor, to expand our production of erosion control blankets,' he said. He added that the company plans to enhance its in-house capabilities by setting up a prefabricated vertical drain (PVD) installation team and acquiring five hydraulic excavators. PVDs are geosynthetics installed in soft ground to improve soil stability. Fibromat's notable projects include the West Coast Expressway, the Sarawak Second Trunk Road, and Phase 1A of the Sabah Pan Borneo Highway. The company is actively bidding for contracts under Phase 1B of the Sabah Pan Borneo Highway and the Sarawak-Sabah Link Road. – Bernama
