KUALA LUMPUR: Industrial automation company Swift Energy Technology Bhd surged up to 39 per cent in its trading debut today on the ACE Market of Bursa Malaysia, the first listing for 2025.
The company shares hit a high of 39 sen in the morning session before settling to 38 sen a share at midday break. Some 260.5 million shares changed hands.
It listed on Bursa Malaysia at an initial public offering price of 28 sen a share.
The company successfully raised RM70.06 million through the public issuance of 250.2 million new ordinary shares at an issue price of 28 sen each. From the total proceeds, Swift Energy earmarked 40 per cent for the expansion of fabrication facility, storage, office and new research and development (R&D) centre.
Additionally, 3.1 per cent of proceed, supplemented by internally generated funds and bank borrowings, will be used to acquire machinery, equipment and software.
The remaining 56.9 per cent of proceeds will be directed towards establishing the R&D centre, business expansion, repayment of borrowings, working capital and covering listing expenses.
"As Malaysia's only IECEx-certified manufacturer for Ex solar PV modules and other critical equipment, we are globally recognised for our technicalexpertise and commitment to safety. "Our partnerships, including being an approved Siemens partner, further strengthen our position as a leader in delivering advanced solutions.Looking forward, we aim to capitalise on opportunities in oil and gas recovery and renewable energy growth, with plans to expand facilities, invest in R&D and establish a Jakarta office by 2025," It independent non-executive chairman Mohammad Nizar Idris said in a statement today.
About 78 per cent of the company's revenue is driven by integrated solutions that enhance operational efficiency and 22 per cent from value-added services.
The company exports to 25 countries across Asia Pacific, the Middle East, Africa and Europe, supported by offices in Singapore, China and Thailand.
M&A Securities Sdn Bhd is the principal adviser, sponsor, underwriter and placement agent for the IPO exercise.