Samaiden sizzles in debut on ACE Market

PETALING JAYA: Samaiden Group Bhd opened at RM1 at its ACE Market debut today, representing a 108.3% premium over its initial offer price of 48 sen with an opening volume of 9.23 million shares.

The solar photovoltaic systems and power plant engineering, procurement, construction and commissioning contractor raised RM29.3 million in its initial public offering.

From the proceeds, the group will utilise RM7 million for the purchase of a new corporate office, RM2.5 million for its business expansion and marketing activities and RM16.6 million has been earmarked for capital expenditure and working capital. The remaining RM3.2 million will be used to defray listing expenses.

The market presented a strong demand for Samaiden shares. Of the public issue of 61.155 million new shares, 10.5 million were made available for the Malaysian public, which were oversubscribed by 56.52 times.

“Here, with the renewable energy sector’s glowing outlook, rest assured that Samaiden will not be too far behind in doing its part in the renewable energy sector and complement the sector’s growth over the next few years,” said managing director Chow Pui Hee at the listing ceremony.

She said the debut marks a meaningful milestone for the group and its success will spur it to pursue growth.

“We are now ready to take on new challenges. Our business expansion plans in the pipeline will continue to augment Samaiden to its full potential with its multiple avenues of growth prospects.”