KUALA LUMPUR: Steel Hawk Bhd, an oil and gas (O&G) support service provider, saw its share price peak at 37 sen in a single day following its transfer from the LEAP Market to the ACE Market of Bursa Securities.
At 10:18 am, the stock price had risen by 2.9 percent, gaining one sen to reach 35.5 sen, up from its previous close of 34.5 sen, with 15.6 million shares traded.
The company's market capitalisation stands at RM176.4 million.
Steel Hawk said it plans to build a new fabrication yard in Kemaman from the proceeds raised, which will enable the company to lessen its dependence on subcontractors for fabrication work.
The move is expected to enhance the efficiency of its engineering, procurement, construction, and commissioning (EPCC) services, as well as generate additional cost savings.