At 5pm, UUE also emerged as the top gainer and was among the top three most actively traded stocks.
The counter opened at 66 sen which was 42 sen above its IPO price.
At the start of trading, a total of 30.71 million shares were traded.
Earlier today, executive director and CEO Vincent Wong said the underground utilities engineering solutions company, which has been providing horizontal directional drilling (HDD) in Singapore, is committed to expanding its marketing, products, and services in the island republic in the second half of the year (H2 2024).
“Additionally, we intend to include in our capital expenditure (capex) the purchase of a maxi rig, which we believe will help us explore and expand our services for subsea HDD solutions,” he told a press conference after the company’s listing ceremony.
According to UUE’s prospectus, the group is allocating RM15.75 million, representing about 52.6% of the gross proceeds from its public issue, for the purchase of machinery and equipment, including three HDD machines, a maxi rig HDD machine, five excavators and lorries to supplement its existing machinery fleet.
Meanwhile, in a statement, chairman Lee Chye Tee said the company plans to acquire more machinery to expand its range of underground utility engineering solutions and the scale of its projects.
“This includes acquiring a maxi rig HDD machine to venture into subsea HDD works, eventually broadening our service offerings.
“To supplement our existing assets, we are leasing additional machinery, including HDD machines, excavators, and lorries.
“The demand for underground utilities engineering solutions is driven by Singapore’s plans to increase its population between 6.5 million and 6.9 million by 2030.”
He added that the company also intends to leverage its track record and expertise by actively participating in tenders for electricity distribution projects in Singapore.
The company’s listed shares are classified as shariah-compliant by the Shariah Advisory Council of the Securities Commission.
At a closing price of 69.5 sen, the group’s market capitalisation reached RM423 million.