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LGMS among most active stocks after ACE Market debut

08/06/2022 12:03 PM

KUALA LUMPUR, June 8 (Bernama) -- LGMS Bhd has emerged as one of the most actively traded stocks on Bursa Malaysia in today’s early morning session, following its debut on the ACE Market.

In a statement, the independent provider of professional cybersecurity services company said it has raised gross proceeds of up to RM45.7 million from the listing at the initial public offering (IPO) price of RM0.50 per IPO share. 

It said more than 80 per cent of the IPO proceeds amounting to RM38.2 million will be utilised towards business growth, including the purchase of a new office with larger space, workforce expansion, capital expenditure, and strategic regional expansion into fast-growing markets such as Singapore, Vietnam and Cambodia.

The remaining RM7.5 million has been set aside for working capital purposes and defrayment of listing expenses, it added. 

Executive chairman Fong Choong Fook said with the expansion post IPO, the company is confident that it will reach greater heights in the future as the LGMS team has achieved impressive results in the past.

"This is just the beginning of a new journey for us, and we look forward to building more successes in the years to come," he said. 

At 11.38 am, the counter rose 13 sen to 63 sen and saw 128.49 million shares changing hands.



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