Date : 08th August 2003

CONSTRUCTION and maintenance specialist Protasco Bhd made an impressive debut on the KLSE main board yesterday, opening at RM1.94 for a 68% premium over its initial public offer (IPO) price of RM1.15. The counter went on to hit a high of RM2.07 before easing back to close at RM1.84 on total volume of 30.19 million shares in a generally mixed broader market

"The response (from investors) is beyond our expectations," Protasco executive chairman Datuk Hasnur Rabiain Ismail said after the listing ceremony in Kuala Lumpur.Protasco, an investment holding company with four subsidiaries – HCM Engineering Sdn Bhd, Kumpulan Ikram Sdn Bhd, Paves Sdn Bhd and Protasco Trading Sdn Bhd – is involved in road construction and rehabilitation as well as road maintenance. The group currently owns the largest fleet of recycling machines in South-East Asia and the second largest worldwide. Going forward, Hasnur said Protasco would continue to bid for both government and private sector projects to maintain growth in its order book, and that it was confident of winning all the projects it had tendered for.

"In the longer run, we are confident of being able to capture the major share of local road rehabilitation and maintenance jobs as we have the expertise and can provide a cheaper alternative," he added. On top of an order book of RM1.36mil, which will keep the group busy until 2005, Protasco also holds three concessions that will provide it with recurring income.

As new roads are added, the demand for rehabilitation and maintenance work will grow," Hasnur said. On overseas expansion, he said the group planned to bid for jobs in countries like India and Bangladesh but would do so cautiously.