Thursday 28 Mar 2024
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KUALA LUMPUR (Oct 8): SDS Group Bhd's share price rose as much as 0.5 sen or 2% to 26 sen so far today before settling lower at Bursa Malaysia's afternoon break, as investors evaluated the newly-listed bakery products manufacturer and distributor's business outlook.

At 12:30pm, SDS shares settled down at 25 sen with some 15 million units traded.

SDS was listed yesterday on Bursa's ACE Market. The counter closed up 2.5 sen at 25.5 sen from the stock's initial public offering (IPO) price of 23 sen a share.

SDS, which registered a volume of some 109 million shares, ended among Bursa's most-active stocks.

In a statement yesterday, Johor-based SDS said it will expand into the central and northern regions of Peninsular Malaysia after listing.

SDS managing director Tan Kim Seng said in the statement the company is expected to open eight new food and beverage (F&B) outlets under its retail business in established residential areas within the Klang Valley over two years.

"We expect to open three F&B outlets by October 2020 [and] the remaining five outlets by October 2021. Currently, SDS Group has 33 F&B outlets in Johor," Tan said.

According to SDS' prospectus, the company's IPO involved a public issue of 104.3 million new shares at 23 sen each. M&A Securities Sdn Bhd is the adviser, sponsor, underwriter and placement agent for SDS' IPO and listing, the prospectus said.

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