OM trading at big premium against shares on ASX

OM Holdings operations in Australia

KUALA LUMPUR: OM Holdings share price fell to a low of RM3.90 in early trade on Friday on profit taking after the recent rally while it traded at a big premium to its shares listed on the Australian Securities Exchange (ASX)

At 10.11am, it was trading at RM3.96, down seven sen. There were 237, 200 shares done at prices ranging from RM3.90 and RM4.20.

The FBM KLCI was up 6.47 points or 0.42% to 1, 562.26. Turnover was 1.43 billion shares valued at RM552.83. There were 376 gainers, 298 losers and 385 counters unchanged.

At the ASX on Thursday, OM was trading at A$1 or RM3.16. In Friday’s trade, it was trading between 96 cents and A$1.01.

OM Holdings Limited is a vertically integrated manganese ore and ferroalloy company.

It made its debut on the Main Market of Bursa Malaysia Securities Bhd on June 22 at an opening price of RM2.72 per share, which is a 5.84%premium from the listing reference price of RM2.57 per share.

According to OM’s website, as at the listing date, a total of 16.8 million shares were available for trading on Bursa Securities, exceeding the aggregate of 10 million shares initially undertaken by Low Ngee Tong, the executive chairman and CEO and promoter of OMH.

As OMH shares are fully fungible between the two exchanges, shareholders are able to transfer their shares listed on the ASX to Bursa Securities, and vice versa for trading.

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