PETALING JAYA: Astramina Group Bhd has made its debut on Bursa Malaysia’s LEAP Market today, opening at 25 sen, representing a 8.7% premium from the reference listing price of 23 sen a share.
At the time of writing, its last done price was 28 sen.
According to media reports, group managing director Datuk Foo Chi Ching said the company intends to build a new manufacturing plant in Negeri Sembilan for RM10 million, and is also aiming for an initial public offering on either the ACE or the Main Market in the next three to five years.
On Nov 12, food ingredient manufacturer and seller Astramina announced its intention to list its entire issued and paid up share capital of RM30.9 million comprising 272.16 million shares by way of introduction.
“Prior to our proposed listing, there has been no trading market for our shares within or outside of Malaysia,” the company said in its disclosure document.
Based on the reference price of 23 sen a share, Astramina raised total proceeds of RM6.44 million from its pre-listing investors.
For the year ended February 28, 2019, the company registered a net profit of RM4 million, on the back of RM16.2 million in revenue, representing a year-on-year increase of 4.9% and 8.4% respectively.