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Wednesday, 20 December 2023, 11:00 HKT/SGT

Source: Jati Tinggi Group Berhad
Jati Tinggi Marks Successful Listing on ACE Market
Group Strives to Leverage on Strategic Growth Plans and New Project Opportunities Post-Listing

KUALA LUMPUR, Dec 20, 2023 - (ACN Newswire) - Jati Tinggi Group Berhad ("Jati Tinggi" or the "Company"), one of the players in the field of infrastructure utilities engineering, celebrated the Group's debut today on the ACE Market of Bursa Malaysia Securities Berhad ("Bursa Securities"). The shares opened at RM0.305 per share, which reflects a 13.0% premium over the IPO price of RM0.27 per share.

Caption (L-R):Mr. Lee Tuck Wai, Chief Financial Officer, Jati Tinggi Group Berhad
Dato' Ir. Lim Yew Soon, Independent Non-Executive Director, Jati Tinggi Group Berhad
Ms. Poon Lai Kit, Independent Non-Executive Director, Jati Tinggi Group Berhad
Mr. Chin Jiunn Shyong, Executive Director/ COO, Jati Tinggi Group Berhad
Datuk Ir. Mohd Aminuddin Bin Mohd Amin, Independent Non-Executive Chairman, Jati Tinggi Group Berhad
Dato' Seri Lim Yeong Seong, Managing Director, Jati Tinggi Group Berhad
Datuk Hamzah Bin Mohd Tahir, Executive Director of Dealing, TA Securities Holdings Berhad
Ms. Loo May Len, Independent Non-Executive Director, Jati Tinggi Group Berhad
Ms. Vivien Hooi, Vice President, Corporate Finance, TA Securities Holdings Berhad
Mr. Teo Swee Hing, Commercial Senior Manager, Jati Tinggi Group Berhad

Jati Tinggi is listed under the stock name "JTGROUP" with the stock code "0292".

The Group's core activities encompass a range of essential services, including procurement, installation, testing, and maintenance of underground and overhead utilities engineering services and solutions, substation EPCC services, and supply and installation of electrical equipment for electrical substations. With a focus on project planning and project management, Jati Tinggi has established the Group's positioning as a pivotal player in the electricity supply industry in Malaysia.

Through the IPO, Jati Tinggi has successfully raised RM18.04 million. The allocation of these funds is as follows: RM7.00 million for the repayment of bank borrowings, RM7.34 million for general working capital earmarked for new and existing projects, RM0.20 million for purchasing winch machines to support business expansion, and RM3.50 million set aside for listing expenses.

Datuk Ir. Mohd Aminuddin Bin Mohd Amin, Independent Non-Executive Chairman of Jati Tinggi, expressed gratitude, "The journey to this listing has been a collaborative effort, driven by the hard work and dedication of our team. I extend my deepest appreciation to everyone involved in this journey."

Head of Corporate Finance of TA Securities Holdings Berhad, Mr. Ku Mun Fong commented, "Jati Tinggi's debut on the ACE Market marks a significant milestone in their corporate journey. With their business model and strategic expansion plans, Jati Tinggi is well positioned to seize emerging opportunities in the sector. We are thrilled to have been a part of this journey. We look forward to witnessing the Group's future success and growth in the coming years capitalising on the opportunities available from the capital expenditure to be incurred by Tenaga Nasional Berhad pursuant to recent announcements."

TA Securities Holdings Berhad served as the Principal Adviser, Sponsor, Underwriter, and Placement Agent for the IPO.

Topic: Press release summary
Source: Jati Tinggi Group Berhad

Sectors: Daily Finance
From the Asia Corporate News Network

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