KUALA LUMPUR: Melaka-based food products manufacturer Guan Huat Seng Holdings Bhd, which made its debut on the ACE Market yesterday, closed down 0.5 sen to 24.5 sen – 2% lower than its initial public offering (IPO) price of 25 sen per share. A total of 31.25 million shares were traded.
Managing director Yeo Tien Ee acknowledged that share price movements were 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,” he said after the listing.
The company raised RM30mil from its IPO, with RM21mil to be used to set up new facilities, RM3mil for working capital, RM1.50mil for marketing expenses and RM4.5mil for listing expenses. — Agencies
