Cengild Remains Most Traded Stock, Jumped to 43.5 Sen on First Day of Trading

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Cengild Remains Most Traded Stock, Jumped to 43.5 sen on First Day of Trading

Healthcare service provider Cengild Medical Bhd debuted on the ACE Request of Bursa Malaysia on the first day of trading and jumped to 43.5 sen, a 10.5 sen premium over its original public immolation (IPO) price of 33 sen.

The counter rallied 16.5 sen to 49.5 sen at the opening, saw 119.76 million shares traded in the morning session, and further the most actively traded stock yesterday.

Cengild said it raised RM72.2 million from its IPO with 218.8 million new shares.

Of the total proceeds, RM13 million will be invested in the expansion of its medical centre at [email protected] Bangsar South, by leasing additional space of 12,000 to 15,000 square feet to cater to current and future demand for its medical services, it said.

RM37.1 million will be invested in geographical expansion by establishing two new full-fledged medical centres specializing in gastrointestinal and liver conditions, and obesity in other major metropolises in Malaysia like Johor Baru, Penang, and Ipoh. RM17.40 million will be for working capital purposes and RM4.7 million for defrayment of listing expenses,” the company said.

Moving ahead, it expects the private healthcare services request in Malaysia to grow steadily at a compounded annual growth rate of 9.6% from 2022 to 2026, underpinned by overall population growth, an aging population, and an increasing incidence of non-communicable diseases.

Executive chairman Datuk Dr. Tan Huck Joo said Cengild has been on a successful path since October 2017 and this IPO has given it the platform to realize its ambitions and accelerate expansion plans.

As the only independent, full-fledged medical centre in Malaysia specializing in gastrointestinal and liver conditions, as well as rotundity, our end isn’t only to give the stylish treatment for our cases but also to make an estimable centre of excellence in the region,” he said. — Bernama


Source: malaymail

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