Eversafe Rubber shares close 14% higher on debut

PETALING JAYA: Eversafe Rubber Bhd made its debut on the ACE Market of Bursa Malaysia Securities Bhd today with its share price closing 13.9%, or 5 sen higher at 41 sen, above its 36 sen issue price. Some 73.7 million shares were traded.

The tyre retreading solutions firm's shares opened at 46 sen, hit a low of 40 sen and high of 46.5 sen on the first day of trading.

"With this listing, we intend to continue strengthening the company's financial position and continue to create value for our brand globally in order to benefit our worthy shareholders," the group's executive director and CEO Cheah Siang Tee said in a statement today.

The group's initial public offering (IPO) exercise comprised a public issue of 48 million issue shares and 30 million offer shares at an issue price of 36 sen per share.

The IPO has been oversubscribed by 68.88 times during its balloting.