KUALA LUMPUR: Industrial chemical solutions provider Eckem Holdings Bhd debuted on Bursa Malaysia's ACE Market on Friday, opening unchanged at its initial public offering (IPO) price of 12 sen.
As at 9.58 am, the counter remained flat at 12 sen, with 42.5 million shares changing hands, making it the most actively traded stock on Bursa Malaysia.
Eckem’s IPO comprises a public issue of 125 million new ordinary shares at an issue price of 12 sen per share.
The IPO proceeds will be used to fund key strategic initiatives, including the construction of a new corporate office, warehouse and laboratory, as well as the installation of a new production line for the group's rubber products segment.
The remaining proceeds will be allocated for the repayment of bank borrowings, working capital requirements and expenses related to the listing exercise.
Executive director Tan Khai Jeik said the listing marks an important milestone in Eckem’s corporate journey, adding that the group has built a strong foundation as an industrial chemical solutions provider by delivering reliable supply, customised formulations and technical expertise to its customers.
“The funds raised through this IPO will allow us to strengthen our operational infrastructure, expand our rubber products production capabilities and further enhance our ability to support the evolving needs of Malaysia’s manufacturing sector.
“As a listed company, we are committed to creating sustainable value for our customers, business partners and shareholders while pursuing long-term growth opportunities,” he said in a statement.
M & A Securities is the principal adviser, sponsor, underwriter and placement agent for this IPO.
