Carimin jumps 11% on Bursa debut

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KUALA LUMPUR (Nov 10): Carimin Petroleum Bhd jumped as much as 11% during its maiden trade on Bursa Malaysia today.

Shares of oil and gas (O&G) support services provider Carimin rose as much as 12 sen to RM1.22 from its initial public offering (IPO) price of RM1.10 a share.

The stock had later reduced gains. At at about 10am, the stock was traded at RM1.17 for a market capitalisation of some 274 million.

Carimin saw about 27 million shares done. Carimin, which is listed on Bursa Malaysia's Main Market, was the third most-active stock across the exchange.

For comparison, the FBM KLCI rose 7.24 points or 0.4% to 1,831.43. Earlier, Carimin shares had opened at RM1.12.

Carimin Managing Director Mokhtar Hashim said the group had submitted RM800 million
worth of bids for Malaysian upstream O&G contracts.
 
Mokhtar said Carimin's orderbook, meanwhile, stood at RM900.8 million.

"We are pleased with the opening (share) price and we think this reflects investors' confidence," he told reporters at Carimin's listing ceremony here today.

Carimin provides offshore hook-up and commissioning, as well as topside maintenance services to O&G giants. These include Petronas Carigali Sdn Bhd, Murphy Oil and Shell.

Carimin's IPO comprises a public issue of 60.7 million new shares in the firm and offer for sale of 5.89 million existing units.