Business News

Published: Thursday February 7, 2013 MYT 12:00:00 AM
Updated: Wednesday April 17, 2013 MYT 1:41:57 AM

China Auto continues slide

PETALING JAYA: Newly-listed China Automobile Parts Holdings Ltd (CAP) continued to extend its losses, shedding a hefty 16 sen to 52 sen yesterday.

The stock had succumbed to selling pressure on Monday, falling below its initial public offering price of 68 sen.

CAP, which was listed last Wednesday, had surged 88% to RM1.28 on the first trading day but did not hold on to the gains even on its debut day, finishing at 78 sen.

It was the second most actively traded counter yesterday, with close to 77 million shares changing hands.

CAP raised RM61.2mil from its public issue of 90 million new shares, and of the total gross proceeds, RM25mil would be used to expand its production centre, RM6.1mil to increase its production capacity, RM6mil for marketing and branding, RM7.2mil for listing expenses and the remaining RM16.9mil for working capital.

Its public issue of 30 million new shares for the public was oversubscribed by 2.36 times.

It is principally involved in the manufacturing, marketing and trading of automobile chassis components such as wheel-hub bolts, wheel axles, steel pins, unbolts and torque-rod bushings for heavy automobiles.

The products are distributed in 17 provinces in China as well as in Indonesia, the Philippines, the United Arab Emirates and Saudi Arabia.

Tags / Keywords: News, Business, Business, Business, cap, losses, stock

advertisement

  1. Property transactions dip, but house prices continue to rise
  2. 1MDB's annual land assessments set a precedent
  3. Bulk of 1MDB loans guaranteed by Govt
  4. 1MDB and US firm in solar tie-up
  5. Liew's 2.76% stake in S P Setia traded off-market at RM3.95 per share
  6. Daya Materials, Italy's Cimolai in mobile straddle transporter
  7. M'sian property market falls 10.9% in volume, rises 6.7% in value
  8. Auditors highlight several critical areas in 1MDB's books
  9. Malaysian billionaire Quek to take slice of Alam Maritim?
  10. 1MDB placed RM12.5bil out with foreign fund managers

advertisement

advertisement