Thursday 28 Mar 2024
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KUALA LUMPUR (Jan 17): MCA-linked Matang Bhd, which made its debut on the ACE Market of Bursa Malaysia this morning, will focus on its replanting exercise, increasing fresh fruit bunches (FFB) yield as well as cost efficiency to improve profitability of the company.

Matang chairman Datuk Teh Kean Ming said the company is stepping up its replanting exercise in Matang estate and at the same time increase FFB yield through greater use of fertilisers.

"Now that we are listed on the ACE market, it will also give us more financial flexibility to grow into a mid-tier plantation company," he told reporters after the listing ceremony.

"In the next two years, we will purchase the high quality 'Felda Yangambi' seeds too. Felda produces probably world's best seeds," he said.

"We expect crude palm oil price to trade at RM2,700 per metric tonne on average this year," Teh added.

Matang raised RM16.9 million from its IPO, via the issuance of 130 million new shares at an issue price of 13 sen per share, representing 7.18% of its enlarged issued share capital and valuing it at RM235.3 million upon listing.

The plantation company saw its initial public offering (IPO) oversubscribed by 4.21 times.

At Bursa Malaysia this morning, Matang shares opened at 14 sen, 7.69% higher than its initial public offering (IPO) price of 13 sen. The opening volume was at 36.17 million shares.

At 10.30 am, shares of Matang rose 1.5 sen or 7.69% at 14.5 sen. It was the most-actively traded counter on bourse, with 262.27 million shares changing hands.

As comparison, Bursa Malaysia saw 654.79 million shares traded

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