The IPO is expected to raise approximately RM43.8mil from the issuance of 125 million new shares, with 56.4% of its proceeds to be utilised for capital expenditure and 35.6% of proceeds as working capital that are earmarked to drive future growth.
The research firm noted that the provider of construction services has a focus on high-rise residential, commercial and mixed development projects in Malaysia as a main contract and principal works contractor.
“GDB has a track record of completing all projects ahead of the contractual completion date, besides providing solutions which are
reliable in terms of quality and safety.
“GDB also selectively engages subcontractors to carry out different parts of its construction activities particularly those requiring other specialised trade works for operating costs’ efficiency.”
The group has an outstanding order book of RM854.9mil which comprises mainly of building jobs such as Westside III in Desa ParkCity, Etiqa Officer Tower along Jalan Bangsar, AIRA Residence in Damansara Heights and Menara Hap Seng 3 within the KL City Centre.
The research firm noted that GDP’s competitive strengths include an experienced and technically strong management, a proven track record in delivery, quality and safety, efficient construction practices, established relationships with customers and suppliers, and investments in technology for better efficiency. -thestaronline