Nova MSC fetches 100% premium on Mesdaq debut

Kuala Lumper, August 20, 2003 — NOVA MSC Bhd made a fine debut on the KLSE Mesdaq market yesterday, with its shares opening at double its public offer price of 28 sen, for a gain of 28 sen.

The fine showing would motivate the management team to grow the company into a leading solutions provider, Nova MSC chief executive officer Chan Wing Kong said.

“I was speechless when I saw the opening price. It shows investors are confident of the company, its strong fundamentals and strong prospects,” a jubilant Chan told a press briefing after the listing ceremony.

The funds raised from the company’s initial public offer would not only finance its growth, he said, but also give Nova MSC an “improved profile” in the eyes of clients and prospective clients.

Chan said Nova MSC, a software solutions provider specialising in applications and services for e-government and healthcare, planned to be a regional player, targeting China, Indonesia, Thailand, Vietnam and Hong Kong.

Institutional investors from Malaysia, Singapore and Japan are some of Nova MSC’s shareholders.

It also recently inked a strategic partnership with Sino-Overseas Construction Information Co Ltd, a wholly-owned unit of China’s construction ministry.

As at end-June, the company’s order book stood at some RM18mil but had grown to more than RM5mil since then, Chan said.

Nova MSC was one of the most actively-traded stocks yesterday, with a total of 82.8 million shares changing hands.

It was also one of the top gainers. Its shares reached an intra-day high of 69 sen shortly after the opening bell, but eased back to close at 59.5 sen for a gain of 31.5 sen or 112.5%.

quote from “”, August 20, 2003

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