ABM Fujiya opens at 65 sen (Update)

KUALA LUMPUR: Sarawak-based ABM Fujiya made a firm debut on Bursa Malaysia on Tuesday at 65 sen, which was five sen above its initial offer price (IPO) of 60 sen a share.

At 9am, turnover was 1.72 million shares.

The FBM KLCI was 9.59 points higher at 1,807.27. Turnover was 18.37 million shares valued at RM14.44mil. There were 112 gainers, 31 losers and 88 counters unchanged.

Its IPO of 10.5 million shares available for public application was oversubscribed 9.77 times. There were 6,167 applications for 113.06 million shares from the public.

Founded in 1971, ABM Fujiya manufactures various types of automotive batteries, which are used in a wide range of Malaysian, Japanese, Korean and European motor vehicles.

UOB Kay Hian Malaysia Research said the company has four plants in Kuching with a total production capacity of 1.6 million batteries per annum and 2.9 million units of battery covers and containers per annum. T

he company exports its products to more than 50 countries globally with the Malaysian and overseas markets contributing 51.6% and 48.4% of its FY12 revenue respectively.

For sales in the Malaysian market, 91% of it was contributed by Sabah and Sarawak while the remaining came from Penisular Malaysia. 

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