Newly listed company : Seremban Engineering
Filed Under (Bursa News) by Webmaster on 10-05-2010
Tagged Under : IPO, Seremban Engineering
Seremban Engineering Bhd, an engineering firm that makes process equipment and metal structures, hopes to secure jobs from the pharmaceutical sector by year-end, helped by its soon-to-be-completed plant in Rawang, Selangor.
The company, which has invested over RM3 million on the new plant, expects the facility to be up-and-running by year-end.
Once completed, the plant will be mainly used to build process equipment for pharmaceutical firms.
“Currently, it is 70-80 per cent completed. We expect it to be completed by the fourth quarter of this year,” said managing director Peter Wong after the listing of the company on Bursa Malaysia in Kuala Lumpur yesterday.
So far, it has yet to secure any jobs from pharmaceutical firms.
The company made its debut on the Main Market yesterday, with a 2 sen premium, or 2.4 per cent, at 87 sen a share. Its share price closed 4.7 per cent lower at 81 sen, with 10.39 million shares changing hands.
Seremban Engineering, a unit of Success Transformer Corp Bhd, also hopes to double its order book by year-end, from RM27 million currently, as it ventures into new sectors and from new overseas market.
“Today, we have reaped the first fruits of our strategies. For one thing, we have nearly doubled our order book to RM27 million,” said chairman Tan Sri Ahmad Fuzi Abdul Razak.
Jobs from the palm oil refinery sector represent more than half of its current order book, while the oil and gas sector takes up 11 per cent.
