KUALA LUMPUR (May 16): Leong Hup International Bhd made a firm relaunch on the Main Market of Bursa Malaysia this morning, as its shares opened two sen above its issue price of RM1.10 amidst market volatility.
At 9.33 am, Leong Hup International emerged as the most active stock on Bursa, with a turnover of the 114.42 million shares. The stock was last done at RM1.14 at the time of writing.
Leong Hup International is the new name of the restructured Leong Hup Holdings Bhd, a Main Board-listed company controlled by the Lau family that was delisted in April 2012 following a privatisation exercise.
It controls two listed companies, namely egg producer Teo Seng Capital Bhd and Indonesian integrated poultry player PT Malindo Feedmil Tbk.
Leong Hup International’s initial public offering (IPO) of 937.5 million shares valued at RM1.03 billion — the largest IPO since Lotte Chemical Titan Holding Bhd in 2017 — was oversubscribed by 3.64 times.
The group has successfully raised RM275 million from the public issue of 250 million new shares, mainly to support its business and operational facilities expansion in Malaysia, Vietnam and the Philippines, as well as for working capital.