Safetyware makes positive debut on LEAP Market at 20 sen

KUALA LUMPUR: Safetyware Group Bhd, an integrated safety and health solutions provider, made a positive debut on the LEAP Market of Bursa Malaysia Securities Bhd today, opening at 20 sen per share -- a premium of five sen or 33 per cent over its reference price of 15 sen.

At the opening bell, the group saw about 10,000 of its shares traded.

The group’s listing was the fifth listing on the LEAP Market and the 26th on Bursa Malaysia this year.

Managing director Wong Kee Wei said the resumption of economic activities provided greater opportunities for the company’s growth, as investments would be pouring in from various industries.

"With more factories resuming operations, the demand for occupational safety and health products will also increase.

"Besides, our business does not only focus on Malaysia but also the ASEAN region. We are also planning to move into new markets, namely countries in the Middle East and the African region,” he told a press conference after the company’s listing ceremony today.

Wong said emerging economies are showing growing safety interests, thus their safety and health regulations have become more stringent.

"We think it will be relatively easier for us to go into these markets compared to those matured markets that have been dominated by prominent and bigger players,” said Wong.

The group supplies over 3,000 types of products, including safety footwear, safety apparel, safety helmets and respirators.

It has been exporting its products to over 20 countries, including China, Canada, the United States, Indonesia and Thailand.

To date, Safetyware has nine sales offices throughout Malaysia, including Singapore.

Wong said proceeds from the listing exercise, totalling RM6.48 million, will be used to purchase machinery and equipment for the group’s manufacturing segment, and the group will also be opening more retail outlets to increase its distribution coverage.

"We hope to be able to enter the ACE Market in the next three years,” he added. - Bernama

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