Liqua gains premium of 15 sen on debut

  • Business
  • Friday, 14 Nov 2003

LIQUA Health Corp Bhd's debut on the KLSE main board yesterday saw its shares opening at a 15 sen or 20% premium to the offer price of 75 sen. 

The stock slipped towards the close, but still managed to end the day higher at 83 sen. It was the most actively traded counter for the day, with about 36.5 million shares changing hands. 

Liqua's flotation came about via a reverse takeover of financially-distressed Parit Perak Holdings Bhd. 

Part of the listing exercise involved the issuance of a renounceable restricted offer for sale of 12 million shares at 75 sen each to Liqua's distributors and Parit Perak shareholders. 

From left: Datuk Mohd Sarit Yusoh, managing director Goh Bak Ming and director Datuk Saifuddin Abdullah at Liqua's press conference Thursday.

“We are happy with the opening premium, which reflects investors' confidence in the company,'' executive chairman Datuk Mohd Sarit Yusoh told reporters after the listing ceremony in Kuala Lumpur. 

He said that a court order requiring the company to set aside proceeds of RM40mil from its private placement in a special account, pending hearing, had not made any impact on Liqua's performance. 

“We have our own legal team looking into the matter. It is not expected to affect the company's daily operations,'' Sarit said, adding that Liqua expected a favourable outcome. 

In an announcement to the KLSE on Wednesday, Liqua said it had been ordered to deposit proceeds of RM40mil arising from its private placement into a trustee account, being the same amount claimed as damages by ESCV Resources Holdings Sdn Bhd. 

The court order was dated Nov 12. 

The claim was made by ESCV against a principal subsidiary of Liqua and one of its board members for alleged breach of contract. The matter was disclosed in Liqua's prospectus dated Sept 30. 

Liqua is a multi-level marketing company dealing mainly in health supplement and household products. Its two core products, Liqua Health and Liqua Spirulina, accounted for nearly 95% of its revenue of RM99mil last year. 

 Stock Watch On LIQUA

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