Kucingko jumps 168 pct in ACE Market debut, plans major workforce expansion

KUALA LUMPUR, July 26 (Bernama) -- Kucingko Bhd made a striking debut on Bursa Malaysia’s ACE Market on Friday, opening at 80.5 sen -- an impressive 168.33 per cent premium over its initial public offering (IPO) price of 30 sen.

The company also announced plans to expand its workforce to 510 by 2027, up from the current 260.

Its executive director See Chin Joo expressed optimism about the future of the two-dimensional (2D) animation production service company.

“Our plan is to grow the company to 510 people. This trajectory can be used as guidance for our potential growth,” See said during a virtual press conference following the listing.

Upon listing, See said the company anticipates collaboration with state governments and agencies to develop a robust talent pool, particularly in Sabah and Sarawak.

Looking ahead, Kucingko needs to execute its plans meticulously to realise its potential, See added.

“I foresee 2025 as a very exciting year for Kucingko, given that all plans will be in place from now on,” he said.

Kucingko has achieved the distinction of being the first publicly listed 2D animation production company on the local exchange. At the opening bell, 13.45 million shares changed hands.

The company expects the listing to raise approximately RM30 million, allocating RM17.8 million for capacity expansion, including establishing production branch offices in East Malaysia and upgrading the existing operational office in Selangor.

“RM4 million of the proceeds will be used to set up a sales office in the United States, RM4.2 million for working capital and RM3.6 million for listing expenses,” the company stated earlier.

-- BERNAMA