Debutant Titijaya up 17 sen mid-afternoon

Main market debutant Titijaya Land Bhd's share price continued to perform well, rising 17 sen or 11.33 per cent as at
mid-afternoon.

At 3.30pm, Titijaya's share price on Bursa Malaysia stood at RM1.67 with 72.47 million shares transacted.

At the opening level, the property developer made a RM1.80 debut, for a 30 sen premium over its offer price of RM1.50.

Upon listing, Titijaya is estimated to have a market capitalisation of RM510 million and expects to raise RM122.6 million in proceeds from the initial public offering exercise.

"Of the total proceeds, RM49.5 million will be for working capital, RM15 million for the repayment of bank borrowings and another RM30 million to be allocated towards the purchase of land.

"A sum of RM3.8 million will be used to fund the listing exercise and the balance to repay the advances from the previous shareholders of a subsidiary company," Titijaya Land said.

Group Independent non-executive chairman Tan Sri Hashim Meon said Titijaya was on the constant lookout for opportunities to expand and grow property development activities to ensure sustainable revenue and profits.

"Our focus is still on strengthening our reputation and presence as a property developer in the Klang Valley.

"At the same time, Titijaya is also identifying and sourcing for suitable landbank for expansion into other geographical areas within Malaysia," he added.