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KUALA LUMPUR (July 10): UWC Bhd's share price rose as much as 57 sen or 70% to RM1.39 today in conjunction with its listing on the Main Market of Bursa Malaysia.

At 10:28am, UWC shares pared gains at RM1.35 with some 133 million shares traded to become Bursa's top-active stock and leading gainer.

UWC's share price opened at RM1.10, representing a 34% premium to its initial public offering (IPO) price of 82 sen, the integrated engineering support services provider said a statement today.

The statement quoted UWC executive director/group chief executive officer Datuk Ng Chai Eng as saying at the listing ceremony: "Today marks a key milestone for UWC as the IPO exercise will provide us with the platform to gain access to the capital markets for our future business expansion, strengthening the stature and corporate profile of our group and to enhance market awareness of our business."

"With the purchase of the new machinery and equipment, we are able to increase our production capacity and improve our production efficiency, in order to better serve our customers," Ng said.

UWC's prospectus and Bursa filing indicates that the company's IPO involved a public issue of 70 million new shares and an offer sale of 33.02 million existing shares at 82 sen each.

At 82 sen, UWC has a market capitalisation of RM300.78 million based on its issued base of 366.8 million shares.

UWC said in the statement Hong Leong Investment Bank Bhd is the principal adviser, underwriter and placement agent for UWC's listing while WYNCORP Advisory Sdn Bhd is the corporate finance adviser for the exercise.

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