Construction services firm BGMC International (1693) closed at 81 HK cents on its debut day on the main board in Hong Kong yesterday, a 15.7 percent increase from its offer price of 70 HK cents. About 492 million shares were traded with total turnover of about HK$405 million.
As the first Malaysia-based construction services company to list in Hong Kong, BGMC announced its share has been oversubscribed 30 times.
Chief executive Michael Teh said major clients of the company include listed companies and government organizations. The company wanted to develop projects under the Belt and Road initiative.
He said BGMC has 42 unfinished projects and expects to complete them over the next 36 months.
Chairman Tan Sri Barry Goh said yesterday that the queen of the State of Kedah in Malaysia has invested in BGMC. She attended the listing ceremony yesterday with Malaysian badminton champion Lee Chong Wei.