KUALA LUMPUR: PT Resources Holdings Bhd made its debut on the ACE Market of Bursa Malaysia Securities today, opening at 37 sen per share, 1 sen or 2.78% above its initial public offering (IPO) price of 36 sen per share.
The counter closed at 37 sen after touching a high of 39 sen, with a total of 179.09 million shares traded.
Of the RM48.6 million raised from the IPO, the group 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.
PT Resources is an investment holding company principally involved in the processing and trading of frozen seafood products as well as retail trading of meat and non-meat products
Its executive director, Mohd Rofzan Mohd Latiff, said its business has expanded to international markets. Over the years, it has set up six MO Foodmart outlets, one MO Wholesale Centre outlet, and an online marketplace – MO Signature – which are supported by its processing facility at the Kuantan Integrated Fish Processing Park.
Rofzan said demand for seafood domestically and globally is expected to drive frozen seafood processing as it continues to be underpinned by rising affluence of the population.
He said as there has been increasing health consciousness on individual’s food intake, the improved living standards with superior nutritional products such as seafood will continue to drive the local and international demand for frozen seafood.
“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.
“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.
“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 added.
Mercury Securities Sdn Bhd is the principal adviser, sponsor, underwriter, and placement agent of PT Resources’ IPO.
