EGH International opens lower on ACE Market debut

BURSA SGX Home New Listing Make The Edge Malaysia your preferred source on Google KUALA LUMPUR (Oct 16): EGH International Bhd (KL: ECOGRP ) fell in its ACE Market trading debut on Friday amid relatively weak demand for the interior fit-out firm’s shares.

The stock opened at 14.5 sen compared to its initial public offering price (IPO) of 16 sen per share. The counter tested intraday low of 12 sen before closing at 13.5 sen, down about 16%, after more than 71 million shares exchanged hands. Market capitalisation was RM135 million based on the last price.

Managing director Datuk Weslie Lim Yuk Meng said he is “strongly confident” in the company’s upcoming performance following the recently-ended quarter.

“Share price is a temporary, short-term reflection of the market and may not represent the overall performance of the company,” he told reporters following EGH International’s listing ceremony.