KUALA LUMPUR: Golden Destinations Group Bhd made its debut on the ACE Market of Bursa Malaysia today, marking a milestone as the first travel business-to-business (B2B) company listed on an ASEAN stock exchange.
The company opened at 49 sen, for a four sen premium over its initial public offering (IPO) price of 45 sen, with a volume of 15 million shares traded.
Managing director Mita Lim described the listing as a significant milestone for the company.
"Today is a big day for the company. Our company has been around for 35 years, and being listed on Bursa Malaysia is a milestone we are very proud of," he told a press conference following the company’s share listing today.
On expansion plans, he said the group is strengthening its presence in Sabah and Sarawak, and exploring regional growth opportunities.
"We plan to expand into Sabah and Sarawak to localise our products and allow customers to depart directly from their respective airports.
"This will enable us to better cater to local preferences and improve convenience for travellers," he said.
He added that Singapore will be the group’s first overseas expansion target.
"Singapore is an important market, and we believe our B2B model can be replicated there.
"There are many small and medium-sized travel agents in Singapore who can benefit from our resources," he said.
On the impact of geopolitical developments in West Asia, Lim said the effect on the company has been manageable.
He noted that demand has shifted towards Asian destinations, and currently the company has 848 licensed travel agents across Malaysia.
"We are seeing more customers choosing East Asia, ASEAN and even Oceania, and this shift is positive for us as Asia remains our core market.
"We have also secured more than 100,000 flight seats in advance, so fuel surcharge increases will not significantly affect our pricing," he said.
On shareholder returns, he said that the group intends to maintain a consistent dividend policy of at least 40 per cent of their profit to be distributed as dividend. - Bernama
