<div class=newsTextDataWrapInner>KUALA LUMPUR (May 14): Tri-Mode System (M) Bhd, which made its debut on ACE Market today, slipped as much as 11 sen or 18% shortly after the morning opening bell on Bursa Malaysia amidst the cautious sentiment following the change of ruling government after the GE14 last Wednesday.&nbsp;</div>

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Tri-Mode shares, which were listed at 61 sen per share, down to 50 sen per share with about 259,000 shares traded.</div>

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The integrated logistics service provider’s initial public offering (IPO) was well-received, with its retail tranche of 8.3 million new shares applied being oversubscribed by 3.74 times at 61 sen per share.</div><div class=inPageAd id=div-gpt-ad-inpage></div>

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Group managing director of Tri-Mode, Datuk Hew Han Seng, said, “We have successfully raised total gross proceeds of RM26.4 million, based on the retail offering of 8.3 million issue shares and the IPO prices of 61 sen.”</div>

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Hew added that about 58.8% of the proceeds will be utilised for business expansion, including construction of a proposed headquarters and distribution hub, as well as purchase of prime movers and trailers.</div>

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It has allocated 8.9% of the proceeds to be utilised as working capital and a further 19% will be utilised to repay company’s borrowings with the balance 13.3% utilised for the listing expenses.</div>

KUALA LUMPUR (May 14): Tri-Mode System (M) Bhd, which made its debut on ACE Market today, slipped as much as 11 sen or 18% shortly after the morning opening bell on Bursa Malaysia amidst the cautious sentiment following the change of ruling government after the GE14 last Wednesday. 

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ACE-Market listed Tri-Mode’s shares down by 18% on maiden trading day

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The mandatory general offer (MGO) for the remaining 34.1% stake in Pan Malaysia Holdings Bhd (PM Holdings), launched by property developer Exsim Group's founders, the Lim brothers, concluded on Friday with acceptances for only 35,997 shares received.

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The long-awaited Energy Exchange Malaysia (Enegem) has finally been introduced, along with guidelines on cross-border electricity sales announced by the Ministry of Energy Transition and Water Transformation (Petra) last Monday for exports of green electricity from Malaysia to Singapore and Thailand.

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Prime Minister Datuk Seri Anwar Ibrahim arrived in Kota Kinabalu on Friday night for a one-day working visit to the state.

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Israel's apparent strike on Iran after days of vacillation was small and appeared calibrated to dial back risks of a major war, even if the sheer fact it happened at all shattered a taboo of direct attacks that Tehran broke days earlier.

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The Bank of Japan (BOJ) must tread cautiously in raising interest rates, as some indicators of inflation expectations remain short of its 2% target, the International Monetary Fund's Japan mission chief Nada Choueiri said on Friday.

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Attention this week will be on the March inflation rate, with the Department of Statistics Malaysia (DOSM) slated to put out Consumer Price Index (CPI) — the key gauge for inflation — data on Thursday.

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The ringgit is likely to trade in the same range of around 4.78 against the US dollar next week, as the situation in the Middle East will continue to be under scrutiny by investors, said an analyst.

Persistent inflation and higher-for-longer interest rates were cited as key risks to financial stability in the Federal Reserve's (Fed) latest survey of US central bank contacts, with geopolitical troubles and the 2024 US presidential election also mentioned as "a potentially significant source of shocks".