Gagasan Nadi Cergas up 33% on ACE Market debut

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KUALA LUMPUR (Jan 8): Gagasan Nadi Cergas Bhd shares rose as much as 10 sen or 33% to 40 sen so far today during the builder and property developer's debut on Bursa Malaysia's ACE Market.

At 10:07am, Gagasan Nadi Cergas shares were transacted at 32 sen with about 71 million units traded. Gagasan Nadi Cergas was among the most-active stocks across Bursa Malaysia. Earlier, the counter opened at 39 sen at 9am.

The group's initial public offering entails a public issue of 140 million new shares and offer for sale of 60 million existing shares at 30 sen each.

At a press conference in conjunction with Gagasan Nadi Cergas' listing here today, managing director Wan Azman Wan Kamal said he remains bullish on the affordable housing segment as the market is facing a shortage of affordable housing.

As such, Wan Azman is hopeful the group can secure more affordable housing projects from the government.

"We believe there will be a lot more affordable housing projects, a total of 200,000 units of affordable houses will be built under the 11th Malaysia Plan," he said.