The investment holding company which principally involves in the processing and trading of frozen seafood products as well as retail trading of meat and non-meat products, made its debut today on the ACE Market of Bursa Securities.
The newly-listed company opened at RM0.37 against its Initial Public Offering (IPO) price of RM0.36.
At the time of writing, the company hit an intraday high of 0.39 and low of 0.36. Volume was 130,160,900.
PT Resources’ 26.75 million new shares made available for the Malaysian public were oversubscribed by 24.48 times.
With the RM48.60 million proceeds raised from the IPO, PT Resources will utilise RM17.64 million to finance the development of a new cold storage warehouse, while RM27.18 million will be allocated as working capital, which involves the purchase of raw materials, comprising mainly fresh and frozen seafood and meat products. The remaining RM3.79 million will be utilised for listing expenses.
“The demand for frozen seafood is growing at an accelerated pace, and there will be a lot of new opportunities for PT Resources both locally and internationally. Hence, we have laid out several initiatives to take advantage of the optimistic outlook,” En. Mohd Rofzan Bin Mohd Latiff, Executive Director of PT Resources Holdings Berhad said.
“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,” he added.
“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,” he remarked.
“We believe that the successful IPO will strengthen our role as one of the leading players in the frozen seafood processing industry. We are proud of what we have achieved within a span of 10 years under the leadership of our Managing Director, Mr. Heng Chang Hooi. As PT Resources enters a new phase of growth, I would like to encourage everyone to stay committed to our mission of further expanding our Company’s business so that we can continue to grow our company in the future,” he concluded.
Mercury is the Principal Adviser, Sponsor, Underwriter, and Placement Agent for the IPO of PT Resources.
