Ecoscience Made its Maiden Debut on ACE Market, Trading at 265 to 285 Sen

from left to right: Ms. Andrea Huong Jia Mei, Independent Director of Ecoscience Ms. Lee Jim Leng, Group Managing Director/Chief Executive Officer of Hong Leong Investment Bank Mr. Law Sang Thiam, Independent Director of Ecoscience Mr. Pan Kum Wan, Executive Director of Ecoscience Mr. Wong Choi Ong, Managing Director of Ecoscience Dato’ Tan Yee Boon, Independent Chairman of Ecoscience Ms. Ang Chye Kian, Independent Director of Ecoscience Mr. Phang Siew Loong, Head of Equity Markets of Hong Leong Investment Bank

The integrated palm oil milling services provider, has successfully debuted on the ACE Market of Bursa Securities.

The Johor-based stock is categorised under the Industrial Products and Services sector and carries the stock name of EIB and stock code of 0255.

The share price opened at RM0.29 , down from its IPO price of 30 sen. While the opening volume was 1,381,500 shares. At the time of writing (11:00am), this counter was traded at 285 sen whilst its intra-day low of 265 sen.

A total of RM24.7 million from is raised the initial public offering (IPO) exercise.

The Company has allocated RM5.0 million (20.3%) for its business expansion in Indonesia and RM1.0 million (4.1%) for the expansion of its environmental and energy efficiency business. A further RM7.9 million (31.8%) and RM7.0 million (28.4%) have been earmarked for working capital and repayment of bank borrowings respectively. Lastly, the balance of RM3.8 million (15.4%) is for the defraying of listing expenses.

“The fresh funding of RM24.7 million received will allow us to embark on our next phase of expansion,” Managing Director of Ecoscience International Berhad, Mr. Wong Choi Ong said.

“The versatile palm oil is a crucial commodity and staple worldwide. Hence, the need for new palm oil mills and refineries will continue to be there, not to mention the older facilities that require replacements or upgrades. With that in mind, we want to continue to better ourselves in the global arena, starting with the establishment of an office and fabrication facility in Indonesia. We believe our neighbouring country’s standing as the largest producer of palm oil in the world will provide us with an excellent platform to bring Ecoscience to greater heights,” Mr. Wong added.

“On behalf of HLIB, we would like to congratulate Ecoscience on its successful debut on the ACE Market of Bursa Securities. Having built a name for itself in the palm oil industry as an integrated supporting service provider, we have no doubt that it will continue to excel. We certainly look forward to fostering an even stronger working relationship with the Company going forward,” Group Managing Director/Chief Executive Officer of Hong Leong Investment Bank, Ms. Lee Jim Leng said.

In terms of dividend policy, the Board of Directors of the company intends to recommend and distribute a dividend of at least 20% of its annual audited consolidated profit after-tax attributable to its shareholders.

HLIB has been appointed as the Principal Adviser, Sponsor, Underwriter, and Placement Agent for this IPO exercise.

Previous articleBMW Launches Limited Special Editions Of The 3 Series Starting At RM 262,800
Next articleAirAsia X Is Flying To Melbourne, Perth, And Auckland Starting November

LEAVE A REPLY

Please enter your comment!
Please enter your name here