Latest news with #SarawakSecondTrunkRoad
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
The Star
08-05-2025
- Business
- The Star
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 per cent 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. Meanwhile, Fibromat's Managing Director and Chief Executive Officer, Ng Kian Boon, said the IPO raised RM17.8 million in proceeds. "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 also 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
New Straits Times
08-05-2025
- Business
- New Straits Times
Fibromat's LEAP to ACE falls flat as shares open 16pct below IPO price
KUALA LUMPUR: ACE Market debutant Fibromat (M) Bhd joined the list of initial public offering (IPO) laggards, opening 16.36 per cent below its issue price. The geotechnical services firm, formerly listed on the LEAP Market, began trading at 46 sen—nine sen below its IPO price of 55 sen. As at 9.15am, the stock was trading at 46.5 sen after touching a low of 41 sen earlier, with 11.36 million shares exchanged. Fibromat was the third most actively traded stocks in the morning session, falling short of the typical IPO debut frenzy. The company marks the twentieth IPO on Bursa Malaysia this year, joining a wave of listings grappling with volatility sparked by tariff-related global headwinds. West River Bhd, which listed earlier this week, also saw a muted debut on Monday. At 55 sen a share, Fibromat's IPO brought in RM17.8 million in proceeds. The proceeds will be used to purchase new machinery, including stitching machines and dust collectors, and to strengthen its in-house capabilities. The company plans to form its own prefabricated vertical drain installation team and acquire five hydraulic excavators to boost operational capacity at its factory in Selangor. Fibromat's core business includes the design, manufacturing, installation and trading of geosynthetics and erosion control products. Its portfolio includes projects such as the West Coast Expressway, Sarawak Second Trunk Road and Phase 1A of the Sabah Pan Borneo Highway. It is also actively bidding for jobs under Sabah Pan Borneo Highway Phase 1B and the Sarawak-Sabah Link Road.
