Eversendai posts 4-sen premium on Main Market debut

KUALA LUMPUR: Shares in Eversendai Corp Bhd closed at RM1.72 on its debut on the Main Market yesterday, 2 sen higher from its initial public offering (IPO) price of RM1.70 per share.

A total of 59.5 million shares changed hands. The shares opened at RM1.74 for a premium of 4 sen per share.

Eversendai is an integrated steel contractor, specialising in structural steel supply, design and erection.

Speaking at a press conference after the listing yesterday, group managing director Datuk A.K. Nathan said he was happy with the opening price and hoped the momentum would continue to build up.

“This is one of the greatest moment of my life to have the group listed. With our strong fundamental, we will continue to bid for more jobs” he said yesterday at a press conference after the listing.
Memorable moment: Nathan hitting the gong to mark the listing of Eversendai yesterday. With him are other company’s directors.

Nathan said Eversendai had achieved its target turnover of RM1bil for this financial year ending Dec 31, 2011 after securing the RM139mil Qatar contract from its major client Qatar Petroleum. The job entails works for Phase-4A of the Nakilat Shipyard at Port Ras Laffan.

Nathan said the group had achieved 94% of the target turnover in May.

“We will continue to bid jobs locally and internationally. There are good opportunities for us in the local market and we expect to win some from the third quarter onward,” he said adding that the company was eyeing for some RM10.2bil worth of jobs.

Apart from the local market, Nathan said the group would scout for business opportunities in Saudi Arabia, United Arab Emirates, Qatar and South-East Asia.

Eversendai’s final institutional price was fixed at RM1.70 and final retail price at RM1.62. The group posted a net profit of RM22.56mil on revenue of RM207.85mil for the first quarter ended March 31, largely due to contribution from the company’s projects in the Middle East.

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