KUALA LUMPUR, May 5 (Bernama) -- West River Bhd, a provider of mechanical and electrical (M&E) engineering services, plans to boost its production capacity with a new facility expected to be completed within three years as part of its post-initial public offering (IPO) expansion strategy.
Its managing director Lim Yong Lai said the company is also open to accelerating the timeline by acquiring ready-built factories, depending on market conditions.
He said the company initially plans to purchase land, obtain the necessary approvals, and proceed with construction.
“However, we are also open to the option of acquiring ready-built factories, which would shorten the timeline.
“It really depends on the market availability of land and suitable buildings, and we are working on both options,” he said during a press conference in conjunction with its listing ceremony today.
At 9 am, the company debuted on the ACE Market of Bursa Malaysia at 39.5 sen, a premium of half a sen over its IPO price of 39 sen, with 37.91 million shares traded.
Currently, Lim said about 80 per cent of their revenue comes from Klang Valley, and they are eyeing to expand outside of Klang Valley areas such as Penang, Johor, and Melaka in the next three years.
“Currently, we have two projects in the northern region, one in Langkawi and another hotel project in Penang. The hospitality sector there is booming, and more hotel developments are being planned.
“In Johor, we are tendering for several data centre-related projects, and our focus is on both regions, Penang for hospitality and Johor for data centres,” he said.
He said that overall by value, about 13 per cent of their tender book is related to data centres, totalling around RM1 billion.
When asked about its dividend policy, Lim said the company have not finalised its dividend policy yet as it is still in expansion mode, and most of the funds will be reinvested for growth rather than distributed to shareholders.
“But I think we may introduce a dividend policy after two to three years down the road,” he added.
-- BERNAMA
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