Rhone Ma fetches healthy premium in debut

KUALA LUMPUR: Animal health solutions provider Rhone Ma Holdings Bhd, which debuted on the Main Market of Bursa Malaysia Securities Bhd yesterday, closed at 87 sen, a 16% premium over its issue price of 75 sen.

About 40.14 million shares were traded.

Rhone Ma group managing director Dr Lim Ban Keong said in a press release issued after the ceremony, that the demand for Rhone Ma’s shares has been overwhelming, and this strong interest from the public will give it motivation to strive for better achievement and higher shareholders’ value in the coming years.

“Now that Rhone Ma is listed on Bursa Malaysia, we hope to grow from strength to strength and create value for our shareholders as we now embark on a more challenging growth trajectory – aiming for better and higher returns to all our shareholders,” Lim said.

The RM31.59 million raised from its IPO will be predominantly utilised for its capital expenditure, which includes the construction of a new GMP (good manufacturing practices)-compliant plant in Nilai, Negri Sembilan and purchase of machineries and equipment, as well as the construction of a new warehouse in Kapar, Klang.

The local and regional animal health and nutrition markets remain resilient and filled with opportunities. The company is upbeat on the increased demand for its products in tandem with the upward trajectory of the local animal health and nutrition market. Furthermore, it will continue to leverage on its strong track record to seek for more growth opportunities especially in the regional markets.