UWC closes at intraday high on Bursa debut

(From left): UWC independent non-executive director F’ng Meow Cheng, UWC independent non-executive chairman Datuk Wan Hashim Wan Jusoh, UWC executive director/group CEO Datuk Ng Chai Eng, UWC executive director/group COO Lau Chee Kheong, UWC independent non-executive director Lio Chee Yeong, and UWC head of corporate affairs and communications Ng Chin Liang. Photo by UWC

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KUALA LUMPUR (July 10): UWC Bhd's share price closed at its intraday high of RM1.40 today after the stock rose 58 sen or 71%, in conjunction with the company's listing on the Main Market of Bursa Malaysia.

At 5pm, the counter registered a volume of some 201 million shares to become Bursa's top-active stock. UWC also ended among Bursa leading gainers.

The integrated engineering support services provider's share price opened at RM1.10, representing a 34% premium to its initial public offering (IPO) price of 82 sen, the company said a statement today.

The statement quoted UWC executive director/group chief executive officer Datuk Ng Chai Eng as saying at the listing ceremony: "Today marks a key milestone for UWC as the IPO exercise will provide us with the platform to gain access to the capital markets for our future business expansion, strengthening the stature and corporate profile of our group and to enhance market awareness of our business."

"With the purchase of the new machinery and equipment, we are able to increase our production capacity and improve our production efficiency, in order to better serve our customers," Ng said.

UWC's prospectus and Bursa filing indicates that the company's IPO involved a public issue of 70 million new shares and an offer sale of 33.02 million existing shares at 82 sen each.

At 82 sen, UWC has a market capitalisation of RM300.78 million based on its issued base of 366.8 million shares.

UWC said in the statement Hong Leong Investment Bank Bhd is the principal adviser, underwriter and placement agent for UWC's listing while WYNCORP Advisory Sdn Bhd is the corporate finance adviser for the exercise.