Gabungan AQRS in preliminary exploration stage for overseas expansion, says MD

KUALA LUMPUR (July 31): Main Market debutant Gabungan AQRS Bhd is at a preliminary exploration stage for overseas expansion.

Managing director Ng Chun Kooi said the construction and property-based developer did not have any intention of doing so in the near-term.

"In the future, yes, but we are not in a hurry and overseas expansion is never easy. We are at a preliminary exploration stage and definitely want to do so cautiously," he told reporters after the listing ceremony here on Tuesday.

The company's order book has reached approximately RM1 billion and it is optimistic of securing more work given the abundant opportunities in the domestic market.

The construction segment order book for the integrated engineering and construction services provider is expected to last until 2015.

On the listing, the company's shares opened at RM1.15, a three sen discount over its initial public offering price of RM1.18, with 3.15 million shares changing hands.

Ng noted that the current price was "all right" for a start.

"We are confident of our fundamentals and believe investors who look at it would be interested in our share," he added.

Gabungan AQRS has raised about RM73.16 million via the listing.

It made a public issue of 62 million new ordinary shares of 25 sen par value and an offer for sale of 30 million ordinary shares of 25 sen par value.

Of the public issue, 18 million shares were available for public subscription, six million for directors and employees as well as persons who have contributed to the success of the group.

It also included 32 million for private placement to selected investors and six million for private placement to Bumiputera investors approved by the Ministry of International Trade and Industry.

The group has set a dividend policy to create shareholder value.

It plans to distribute a minimum of 25% of group net profit to shareholders with effect from the current financial year ending Dec 31, 2012.

For the financial year ended Dec 31, 2011, the group registered a proforma net profit of RM48.2 million on the back of RM372.4 million revenue. — Bernama

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