Kejuruteraan Asastera debuts at 33 sen

KUALA LUMPUR: Electrical and mechanical engineering company Kejuruteraan Asastera Bhd (KAB) began its first-day of trading on the Ace Market of Bursa Malaysia at 33 sen, 8 sen over its issue price of 25 sen, on a volume of 7.42 million shares.
Speaking at a press conference after the group’s listing ceremony today, its managing director Datuk Lai Keng Onn said going forward the company aims to expand its mechanical engineering (M&E) services business, which include the air conditioning and ventilation systems.
Lai said the group hopes to increase its M&E contribution to more than 50% in the next five years, from only 10% currently.
“We can see that currently there is huge potential for us to grow in the mechanical sector,” he said.
Currently, the electrical engineering division contributes almost 90% of its revenue.
Meanwhile, Lai said he expects KAB’s current order book of RM210 million to keep the group busy until 2019.
He said the company is now awaiting the outcome of its bids worth RM250 million for contracts that include affordable housing and mixed-development projects.