Pasukhas Group Bhd continued with its successful debut performance today on the ACE Market of Bursa Malaysia
Securities with strong support from institutional and retail investors for its initial public offering (IPO).

As at 4.06 pm, the mechanical and electrical engineering services
provider's shares rose 43.5 sen or 362.5 per cent to 55.5 sen, after opening at 27 sen this morning, which represented a premium of 15 sen or 125 per cent higher than its offer price of 12 sen.

The shares made available for public subscription under its IPO received overwhelming response from the Malaysian public, Pasukhas said in a statement today.

"The public portion of its shares were oversubscribed by 74.04 times and its shares made available for placement to identified investors have also been fully placed out," it said.

Its Chairman and Managing Director, A. K. Teng said today's listing marked a significant milestone in Pasukhas' corporate history and a new beginning of its growth journey towards a higher level.

"We will continue to leverage on our core competencies, competitive edge, and our established track record whilst pursuing growth opportunities within the water treatment and sewerage industry, oil palm industry, sugar industry, and general manufacturing sector," he said.

He said Pasukhas also planned to expand its client base by entering into new geographical markets where there are significant growth in the MandE engineering industry such as the Gulf Cooperation Council countries, Southeast Asia and South Asia.

"Our current order book stands at RM67.9 million and we will be constantly bidding for sizable local and overseas projects.

"We believe that our track record and growth potential have put us in a great position in the market and the investors can therefore tap into this growth and realise the fruits in time to come," he added. -- Bernama