by LYDIA NATHAN / graphic by MZUKRI MOHAMAD
OM HOLDINGS Ltd (OMH) debuted on the Main Market of Bursa Malaysia yesterday closing at RM2.83 after hitting a high of RM2.92 and low of RM2.72 in intraday trade.
The Australian Securities Exchange (ASX)-listed company opened at RM2.72 per share, a 5.84% premium from its listing reference price of RM2.57 per share which was calculated based on the closing market price of OMH shares on the ASX of A$0.825 multiplied by the closing Bank Negara Malaysia exchange rate of A$1: RM3.1115.
OMH marks the first cross-listing between the two exchanges.
OMH’s executive chairman Low Ngee Tong said following the listing, the company will now focus on expanding its mining project in Australia and raising the output of its Sarawak plant.
“The additional capacity for the Sarawak plant is expected to be fully operational by 2024 or 2025. The plant is currently suspended due to the lockdown but we are working towards workers being quarantined and tested, as well as following all SOPs so we can get it up and running again,” he said during the virtual press conference yesterday.
According to Low, the company also iplans to convert to metallic silicon to produce higher value-added products, and diversify into aluminium, chemicals and solar downstream industries.
He said the demand for infrastructure projects have remained strong despite the various stages of the Movement Control Orders that have been implemented.
“It is a niche market but our orderbooks are already filled out for the year,” he added.
Low said a total of 16.8 million shares are available for trading on the stock exchange, exceeding the aggregate of 10 million shares initially undertaken by himself.
“We are pleased to achieve this significant milestone in over the 20-year history of our company, as well as the positive reception of local investors in our shares on Bursa Securities. Our secondary listing also aligns with our future expansion plans for both our upstream and downstream business activities to capture the growth opportunities in the region. In time, we are hopeful that we will be able to grow our market presence among Malaysian investors, and boost the trading activity and liquidity for our shares in the Malaysian capital markets,” he said.
He added that the company will not rule out any fundraising in the future if conditions allow.