Gagasan Nadi Cergas to suspend trading on Tuesday pending material announcement

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KUALA LUMPUR (Oct 25): Gagasan Nadi Cergas Bhd, which made its debut on the ACE Market of Bursa Malaysia in January this year, said it will be suspending the trading of its shares on Tuesday, pending a material announcement.

“Kindly be advised that at the request of Gagasan Nadi Cergas, trading in the company's shares will be suspended with effect from 9.00 a.m, Tuesday, Oct 29, 2019, pending a material announcement,” it said in a filing.

From its initial public offering (IPO) price of 30 sen apiece, the group's share price has softened since, except for a spike to 31 sen on April 10. It settled at 25 sen today, half a sen or 2.04% higher than its Thursday close.

At the current price, the group, which is involved in construction, facilities management services and concession projects, has a market capitalisation of RM188.25 million.

In end-August, the group announced a net profit of RM6.88 million on a revenue of RM71.02 million for its second quarter ended June 30, 2019 (2QFY19).

While the group provided no quarterly comparison figures as it is a newly-listed company, it shared that its net profit for the cumulative six months of FY19 (1HFY19) was down 24.9% to RM13.06 million versus RM17.39 million a year ago, on lower gross profit margin from construction projects, IPO listing expenses and higher administration expenses.

This was despite revenue for 1HFY19 being 15% higher at RM139.91 million, compared with 1HFY18's RM121.65 million.