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Powerwell Holdings Bhd’s entry into the stock market happened at an unfortunate time. Barely two months after the electricity distribution product manufacturer was listed on the ACE Market, the whole country went into a shutdown to combat the fast-spreading Covid-19 virus.

Not surprisingly, the company sank into losses soon after its listing in Jan 2020. It was bogged down by impairment losses on receivables, lower revenue and one-off listing expenses.