Perak Transit debuts at 40% premium

KUALA LUMPUR: Perak Transit Bhd debuted at a 40% premium on the ACE Market of Bursa Malaysia yesterday, from its reference price of 15 sen.
It was the most active stock yesterday, closing at 21 sen, with 241.48 million shares done.
The Perak Transit Group’s initial public offering (IPO) saw 58 million new shares applied by the Malaysian public by way of balloting, registering an overall oversubscription rate of 19.83 times.
The group raised a total gross proceeds of RM36.75 million based on its public issue of 245 million new shares.
Its managing director Datuk Cheong Kong Fitt said going forward, it will remain focused to develop integrated public transportation terminals in other parts of Perak as well as other regions in Malaysia, starting with the construction of Terminal Kampar in the second half of 2016.
“We also plan to develop Terminal AmanJaya into a commercial and lifestyle hub, in addition to adopting new A&P (advertising & promotions) platforms and increasing A&P spaces in Terminal AmanJaya to further drive our A&P rental revenue. Furthermore, we intend to enhance the provision of our bus services. We have operated myBAS services in Ipoh under the Stage Bus Service Transformation (SBST) Programme,” he said in a statement.