KUALA LUMPUR, Jan 31 (Bernama) -- ACE Market debutant Vestland Bhd has emerged as the most active counter on Bursa Malaysia at mid-morning, rising to 39.5 sen per unit with 303.1 million shares traded.
The counter opened at 38 sen per share, representing a premium of 15 per cent or three sen over its initial public offering (IPO) price of 33 sen.
In a statement, Vestland group managing director Datuk Liew Foo Heen said the company’s prospects are favourable as it continues to leverage its core competencies in the construction front, specifically in the design and build segment which is the main contributor to Vestland’s total revenue.
The company said that the partial utilisation of the IPO proceeds to support its business will lay a strong and sustainable foundation, ensuring perpetual growth for the company and its stakeholders.
Meanwhile, Vestland announced that its wholly-owned unit, Vestland Resources Sdn Bhd (VRSB) has won a contract from Rimbun Merdu Sdn Bhd worth RM63.15 million.
Under the contract, VRSB will undertake the main building and associated works for one block of 33-storey serviced apartments and related facilities in Seksyen 41, Jalan Dewan Sultan Sulaiman 1, Kuala Lumpur.
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