Firm debut for precision parts maker MMIS

KUALA LUMPUR: MMIS Bhd made a firm debut on the LEAP Market of Bursa Malaysia Securities on Friday, opening at 12 sen, which was two sen above its offer price of 10 sen.

At 9.03am, it was trading at 12 sen with 20,000 shares done.

MMIS’s core activities include manufacturing precision engineering parts for the semiconductor industry value chain.

Its customers include medical, engineering, electronic packaging, oil and gas, power generation and automotive.

MMIS issued 50 million new shares at 10 sen per share. Of the RM5mil raised from the IPO, it plans to use RM2mil for capital expenditure, RM2mil for working capital and the remainder listing-related expenses.

Its unit, Multi Mould Industries Sdn Bhd posted revenue of RM17.02mil for the financial year ended June 30,2018, up 82% from the RM9.34mil a year earlier.

Its profit before tax for FY2018 jumped 207% to RM5.27mil from the RM1.71mil a year earlier.

MMIS said average utilisation rate of its production capacity was 73% while its production floor space was fully utilised.

Proceeds from the IPO would be used to expand floor production from 32,400 sq ft to 66,600 sq ft by end of 2020.