Swift Energy To Focus On Expansion Plans After Strong ACE Market Debut

KUALA LUMPUR, Jan 8 (Bernama) -- Industrial automation and power systems, Swift Energy Technology Bhd, which debuted on the ACE Market of Bursa Malaysia today, is gearing up for its ambitious expansion plans to strengthen its presence in the ASEAN region.

Speaking at a press conference following the listing, executive director and chief executive officer, Tan Bin Chee said the company has identified a few key areas for growth.

“Our immediate focus is on our expansion plan. Firstly, we are already preparing the site for expansion, with discussions nearing finalisation before construction begins,” he said.

bootstrap slideshow

He added that Swift Energy’s Indonesian unit is gearing up for business activities to solidify the company’s footprint across the ASEAN region.

Tan also touched on the company's long-term goals, including a potential move to the Main Market of Bursa Malaysia.

 “We are still a small company, and our focus now is on growing our business revenue and profit.

bootstrap slideshow

"However, our aim is to achieve a more recognisable scale before considering the transition to the Main Market,” he said.

Swift Energy’s debut marked the country’s first initial public offering (IPO) for this year. The counter opened at 36 sen, a premium of 8.0 sen above its IPO price of 28 sen per share. 

At 11:50 am, the counter rose by 10 sen to 38 sen with over 257.34 million shares traded.

The IPO saw strong demand, with the public tranche oversubscribed by over 58 times and shares allocated for eligible persons and Bumiputera investors fully subscribed.

-- BERNAMA