KUALA LUMPUR: Melaka-based food products manufacturer, Guan Huat Seng Holdings Bhd, opened at 24 sen per share in its ACE Market debut, slightly under its initial public offering (IPO) price of 25 sen per share.
At the opening bell, the counter saw 5.61 million shares changing hands.
Managing director Yeo Tien Ee acknowledged that share price movements are influenced by various external factors beyond the company’s control, but said the company remains confident in its business strategies.
"Our focus continues to be on the disciplined execution of our business plan and the consistent delivery of operating results. We believe that, over time, the intrinsic value of our business will be appropriately reflected in the share price,” he said in a virtual conference after the listing ceremony today.
Looking ahead, the company is confident in delivering sustainable growth, he added.
"The IPO will give us access to capital for expansion and executing our strategies, such as expanding facilities, product range, marketing and retail presence. We aim to strengthen our business, enhance efficiency and create long term value for our shareholders,” he said.
The company raised RM30 million from its IPO, with RM12 million, or 40 per cent, to be utilised to part-finance the setup of a new integrated complex in Batu Berendam, Melaka; RM9 million to part-finance the setup of a new Krubong facility; RM3 million for working capital; RM1.50 million for marketing expenses; and RM4.5 million for listing expenses. - Bernama
