Nova Pharma Solutions debuts on LEAP Market at 4 sen premium

PETALING JAYA: Nova Pharma Solutions Bhd made its debut on the LEAP Market of Bursa Malaysia this morning with an opening price of 24 sen.
The opening price is 4 sen above its offer price of 20 sen and a total of 1,000 shares were traded. At midday, the share price stood at 23 sen with a total of 41,000 shares traded.
The excluded issue of 12.30 million new ordinary shares at an issue price of 20 sen per ordinary share represents 8.25% of the enlarged issued share capital of the company and were allotted to selected sophisticated investors.
Based on the issue price of 20 sen per share, the excluded issue has raised gross proceeds of RM2.46 million, which will be used for working capital of RM960,000, future business expansion of RM500,000 as well as estimated expenses of RM1 million in relation to the listing.
Nova Pharma said in a statement today that it intends to establish new offices overseas namely Indonesia and Taiwan, in the second half of 2019. This expansion plan will be financed through internally generated funds and proceeds raised from the excluded issue.