KUALA LUMPUR: PT Resources Holdings Bhd made its debut on the ACE Market of Bursa Malaysia Securities Berhad, opened at 37 sen against its initial public offering (IPO) price of 36 sen.
The frozen seafood products retailer’s 26.75 million new shares made available for the Malaysian public were oversubscribed by 24.48 times.
“PT Resources has come a long way since our founder and managing director, Heng Chang Hooi set up our first MO Foodmart™ outlet in Kuantan, Pahang, about a decade ago,” executive director Mohd Rofzan Mohd Latiff said in a statement.
“Today, our business has expanded beyond merely selling our products in Malaysia but also exporting to international markets. Over the years, we have managed to set up 6 MO Foodmart™ outlets, 1 MO Wholesale Centre outlet, and an online marketplace - MO Signature™. These are supported by our processing facility at the Kuantan Integrated Fish Processing Park,” he added.
PT Resources raised RM48.6mil proceeds from the IPO. It will utilise RM17.64mil to finance the development of a new cold storage warehouse, while RM27.18mil will be allocated as working capital, which involves the purchase of raw materials, comprising mainly fresh and frozen seafood and meat products. The remaining RM3.79mil will be utilised for listing expenses.,
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Mohd Rofzan said the demand for frozen seafood was growing at an accelerated pace, and there would be a lot of new opportunities for PT Resources both locally and internationally.
The group has laid out several initiatives to take advantage of the optimistic outlook.
“A new cold storage warehouse will be built to accommodate the expected increase in our sales, and we will be expanding our exports of frozen seafood products to the international markets, particularly to the Asia Pacific and the Middle East regions.
“Our network of MO Foodmart™ outlets will also be expanded. By expanding the MO Foodmart™ network, we will not only be able to build our reputation as a leading frozen seafood supplier, but we will also be able to capture more opportunities through the trading of frozen seafood products,” Mohd Rofzan said.
Mercury Securities Sdn Bhd is the principal adviser, sponsor, underwriter, and placement agent of PT Resources’ IPO.