KUALA LUMPUR (Nov 17): Kejuruteraan Asastera Bhd (KAB) made a strong debut on the ACE Market of Bursa Malaysia this morning and was the most actively traded stock.

At 9.02am, KAB surged 26% or 6.5 sen to 31.5 sen with 20.62 million shares traded.

KAB is raising RM20 million via the listing of 112 million shares under the IPO, comprising 80 million new shares and offer of 32 million existing shares at 25 sen apiece.

The issue price represents a price-earnings ratio (PER) of 12.2 times its earnings per share (EPS) for its financial year ended Dec 31, 2016 (FY16).

Of the proceeds raised from the IPO, 58% will be allocated for working capital, including tender deposits, tender bonds and on-site expenses; 17% for listing expenses; and 12.5% for capital expenditure. Another 3.4% will be used to establish a new office in Johor Bahru and Kuala Lumpur.