KUALA LUMPUR (July 15): Yenher Holdings Bhd debuted on the Main Market of Bursa Malaysia with an opening price of 99.5 sen a share, a 4.74% premium over its initial public offering (IPO) price of 95 sen.

The animal health and nutrition product manufacturer’s share price had hit a high of RM1 this morning and pared gains to 93.5 sen at the time of writing as it continues to be among the top 5 on the active list with 50 million shares traded. 

The IPO exercise raised RM61.21 million, of which Yenher has earmarked RM31 million for the construction of a new GMP-compliant manufacturing plant, RM9.7 million for the purchase of new machineries and equipment while RM16.71 million will be for working capital and the remaining RM3.8 million for listing expenses.

Yenher’s group managing director Cheng Mooh Tat said the IPO exercise has given the group the opportunity to gain better access to the capital market for its business expansions.

“Moving forward, we will continue to strengthen our presence in the domestic market by tapping onto the growth of the local animal health and nutrition industry while exploring new markets to widen our global footprint.

“We will also continue to research, develop and introduce new products to strengthen our product portfolio and to meet the changing demands of the livestock industry. 

“We are committed to deliver value to our shareholders and other stakeholders. We intend to recommend and distribute dividend of at least 40% of our annual audited profit attributable to our shareholders, to allow them to participate in our group’s profit while leaving adequate reserves for the future growth of our group,” added Cheng in a statement issued to reporters after the company’s listing today.