Kucingko makes roaring debut on ACE Market, plans major expansion

From left: Kenanga Investment Bank head of group investment banking and Islamic banking Datuk Roslan Tik, Kucingko executive director Ooi Kok Hong and See at the listing of Kucingko.Kucingko Bhd, the first animation production company to be listed on the local stock exchange, made a remarkable debut on the ACE Market of Bursa Malaysia Securities on Friday.

The share closed at 57 sen, 27 sen or 90% higher than the IPO price, with 158.18 million units traded. He added that Kucingko raised RM30 million from its public issue with majority of the proceeds to be used for expansion, particularly in Sabah, Sarawak and Selangor. The company has earmarked RM17.77 million for capacity expansion, RM4.38 million for establishing a sales office in North America, RM4.26 million for working capital and RM3.6 million for listing expenses.

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