Upstream oil & gas well-related services provider Reservoir Link Energy Bhd made its debut on the ACE Market of Bursa Malaysia Securities today, closing at 51.5 sen, a 26% or 10.5 sen premium from its initial public offering price of 41 sen with 189.27 million shares traded.
The public issue raised RM23.42 million, of which RM10 million is for the purchase of well testing equipment, RM5 million for the repayment of bank borrowings, RM4.92 million for working capital and the remaining RM3.5 million for listing expenses. “We are committed to further enhance our current business and improve our competitiveness by purchasing our own well testing equipment, which will significantly boost our capabilities to better serve our clients as well as improve Reservoir Link’s margins. Subsequently, we intend to expand beyond our current market reach and secure more jobs with our untiring perseverance and strong dedication.
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