Steel trader Leform slips 15% on ACE Market debut


KUALA LUMPUR: Steel products manufacturer and trader Leform Bhd made its debut on the ACE Market of Bursa Malaysia at 19.5 sen a share, a discount of 3.5 sen or 15.21% from its initial public offering (IPO) price.

At the opening bell, the stock saw 8.38 million shares exchanging hands.

In an earlier statement, Leform managing director Law Kok Thye said the company plans to allocate the bulk of its IPO proceeds to the construction of a new headquarters, warehouse storage facility and workers' accommodation.

"The proposed new facility would boost our storage space capacity, thus allowing greater production output and in turn, yield higher operational efficiency.

"At the same time, we are also able to introduce a new product range of thicker gauge pipes to cater for the diverse needs of our prospective and existing customers," said Law.

Leform has a market capitalisation of RM340.6mil based on the issue price of 23 sen and enlarged share capital of 1.48 billion shares.

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Leform , IPO , listing , ACE Market , steel

   

Next In Business News

Hong Seng acquires 51% stake in Innov8tif for RM30.8mil
Proton commerce hit new record volume of loan disbursements in 2022
Ringgit ends lower versus greenback on external pressure
Bursa Malaysia targets 39 IPO listings in 2023 with RM10bil market capitalisation
Pavilion REIT 4Q net profit surges to RM216.4mil
Nova MSC collaborates with Theta on marketing and promotion of healthcare solutions
Cypark unaware of reason for UMA
Pasukhas wins RM21mil contract in Johor
LCT braces for challenging outlook
Boustead Plantations directors resign to pursue other interests

Others Also Read