Friday 29 Mar 2024
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KUALA LUMPUR (Sept 27): PT Resources Holdings Bhd, which made its debut on the ACE Market on Tuesday (Sept 27), ended its first day of trading modestly despite a high trading volume.

The counter started its maiden trading at 37 sen, one sen higher than its initial public offering (IPO) price of 36 sen, with the share price climbing to 39 sen shortly after the opening bell.

Within the first 30 minutes, 100 million shares were traded, making the frozen seafood products retailer the most actively traded stock on Bursa Malaysia.

At 5pm, however, the counter settled only 2.78% or one sen higher at 37 sen, with 179.09 million shares transacted.

PT Resources shares offered to the public under its IPO exercise were oversubscribed by 24.48 times.

The company offered 135 million shares for its listing exercise to raise RM48.6 million fresh capital to build new cold rooms for storage to meet its growing business volume.

A large portion of its IPO shares, some 66.8 million, were allocated for placement to selected Bumiputera investors approved by the Ministry of International Trade and Industry.

Of the 135 million shares offered, 26.75 million shares were made available for the Malaysian public, plus 28 million shares were reserved for placement to selected investors.

The group was founded by its managing director Heng Chang Hooi in 2012, when Heng first incorporated MO Foodmart Sdn Bhd and MHC Coldstorage Sdn Bhd.

As business grew, the company then came to own a processing facility in the Kuantan Integrated Fish Processing Park, six MO Foodmart™ outlets, one MO Wholesale Centre outlet, and an MO Signature™ online marketplace.

At a press conference here on Tuesday in conjunction with PT Resources' listing, executive director Mohd Rofzan Mohd Latiff said demand for frozen seafood is growing at an accelerated pace, and there will be a lot of new opportunities for the group both locally and internationally.

“Hence, we have laid out several initiatives to take advantage of the optimistic outlook. A new cold storage warehouse will be built to accommodate the expected increase in our sales, and we will be expanding our exports of frozen seafood products to the international markets, particularly to the Asia Pacific and Middle East regions.

“Our network of MO Foodmart outlets will also be expanded. By expanding the MO Foodmart network, we will not only be able to build our reputation as a leading frozen seafood supplier, but we will also be able to capture more opportunities through the trading of frozen seafood products,” he said.

At an issue price of 36 sen a share, PT Resources' IPO raised RM48.6 million from the issuance of 135 million new shares to finance the company's business expansion.

Mercury Securities Sdn Bhd is the principal adviser, sponsor, underwriter and placement agent for PT Resources' listing exercise. 

Post-listing, PT Resources' enlarged number of outstanding shares stood at 535.02 million, which gave the company a market capitalisation of about RM192.61 million based on firm's issue price of 36 sen a share.

Edited ByKathy Fong, Lam Jian Wyn & Chong Jin Hun
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