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Malaysian Miner Sees 20% Surge in Trading Debut
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Malaysian Miner Sees 20% Surge in Trading Debut
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Malaysian Miner Sees 20% Surge in Trading Debut
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Posted: Dec 24, 2008 |Comments: 0
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Malaysian miner sees 20% surge in trading debut
The Malaysian mining group, CVM Minerals, saw a 20 percent jump in its trading debut yesterday, after raising HK8 million in an initial public offering (IPO) in Hong Kong.
Shares in CVM Minerals ended at HK.26, compared with its IPO price of HK.05.
Analysts said the stock was helped by the overall market momentum, which was fairly strong for the most of the day but shed early gains and closed 3.34 percent lower at 14,622.39 points.
The Malaysia-based magnesium producer cut the offering price for its initial stock sale in Hong Kong for about 11 percent from HK.18, and postponed its debuting day.
CVM Minerals, which launched the last IPO this year in Hong Kong market, said in a statement to Hong Kong stock exchange that the global financial turmoil and adverse market conditions prompted its price cut.
CEO Chong Wee Chong said at a debut ceremony yesterday that he was glad the company launched the last IPO of the year. He also explained that the offering price cut was on investors’ request.
Kangda FoodChina Kangda Food, a diversified food processing group based on the mainland, was also listed on the mainboard by the way of introduction, which means the company went public without issuing new shares, raising funds and without offering price.
The stock reached a day high of HK.9 before closing at HK.7. It was 47.83 percent higher than its opening price of HK.15.
The total trading volume was approximately 1.36 million shares and the transaction value amounted to more than HK million.
Referring to the share performance in its trading debut, China(cnmining) Kangda Food’s non-executive chairman Gao Sishi said the outstanding performance of shares has greatly encouraged the company.
Gao said after at the listing ceremony yesterday that the company will maintain its dual listing status in both Hong Kong and Singapore, in order to achieve higher trading volume.
Talking about why the company was listed by the way of introduction, he explained that the company is not in need of funds.
Looking ahead, Gao said the company will grasp any opportunities upon listing in Hong Kong by facilitating its sales network and product development capacity.
The company will continue to expand the distribution network, tap new markets and foster the production of high value-added products, Gao said.
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