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Lacklustre start for GDB Holdings on ACE Market debut

KUALA LUMPUR (March 27): Construction services firm GDB Holdings Bhd made a lacklustre debut on the ACE Market of Bursa Malaysia this morning.

At 9.40am, GDB fell 4.29% or 1.5 sen to 33.5 sen with 18.75 million shares done.

On March 14, GDB said a total of 8,551 applications for 549.3 million new shares, valued at RM192.3 million, were received for 12.5 million new shares that were made available for public subscription.

"The oversubscription from the Malaysian public and the encouraging response from institutional investors for the private placement portion is a vote of confidence in our business model and growth strategies," said its managing director Cheah Ham Cheia.

"Going forward, we would strive to secure more projects and build our order book, leveraging on our competitive edge in completing high-rise projects ahead of schedule," he added.

As at Feb 6, GDB's order book stood at RM854.9 million comprising projects such as Westside III in Desa ParkCity, Etiqa Office Tower along Jalan Bangsar, AIRA Residence in Damansara Heights, and Menara Hap Seng 3 within the Kuala Lumpur city center. — theedgemarkets.com

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