KUALA LUMPUR: Rhone Ma Holdings Bhd made a firm presentation on the Main Market of Bursa Malaysia Securities Bhd on Monday, ascending to a high of 85.5 sen, which was a premium of 10.5 sen over its offer cost of 75 sen. It opened at 82 sen.
At 9.09am, it was exchanging at 82 sen. There were 15.6 million shares done at costs going from 81.5 sen to 85.5 sen.
The FBM KLCI fell 4.88 focuses or 0.3% to 1,632.91. Turnover was 62.25 million shares esteemed at RM33.54mil. There were 83 gainers, 93 washouts and 137 counters unaltered.
Rhone Ma, which additionally appropriates and supplies nourishment fixings, saw its open offer of 8.30 million new shares oversubscribed by 22.46 circumstances. There were 6,784 applications for 194.749 million new imparts to an estimation of RM146.06mil from the Malaysian open.
Amass overseeing executive Dr Lim Ban Keong said in spite of the fact that Rhone Ma's posting denoted the end of its IPO travel, "another section anticipates us as we convey Rhone Ma to a larger amount".
"Since Rhone Ma is recorded on Bursa Malaysia, we would like to develop from quality to quality and make esteem for our shareholders as we now leave on an additionally difficult development direction going for better and higher comes back to every one of our shareholders," he said
Rhone Ma raised RM31.59mil from the posting exercise.
The greater part of the assets would be for its capital consumption which incorporates the development of another GMP-consistent plant in Nilai, Negeri Sembilan and buy of hardware and gear and also the development of another distribution center in Kapar, Klang.
Dr Lim included the nearby and local creature wellbeing and sustenance markets stay flexible and loaded with circumstances.
"The organization is cheery on the expanded interest for its items pair with the upward direction of the neighborhood creature wellbeing and sustenance showcase.
"Besides, the organization will keep on leveraging on its solid reputation to look for more development open doors particularly in the provincial markets," it said.
JF Apex Securities Research had inferred a reasonable estimation of RM1 for Rhone Ma in light of a 33% upside from the posting cost of 75 sen. Its valuation was pegged at 12 times FY17 income for every share (EPS) estimate of 8.4 sen.
"Our objective cost to-income proportion relegated is at the higher scope of valuation for little top stocks.
"We feel the valuation is reasonable given its good position in the creature wellbeing and sustenance showcase with 5.9% piece of the pie" it included.
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