Shares available for eligible directors, employees and persons who have contributed to the success of the group have also been fully subscribed

by SHAFIQQUL ALIFF / pic TMR

FROZEN seafood products retailer PT Resources Holdings Bhd shares offered to the public under its IPO have been oversubscribed by 24.48 times.

The group said in a filing to Bursa Malaysia recently that a total of 7,947 applications for 681.51 million new shares with a value of RM245 million were received from the Malaysian public.

It said that in the Bumiputera portion, a total of 4,758 applications for 309.58 million new shares were received, which represents an oversubscription rate of 22.15 times.

For the public portion, a total of 3,189 applications for 371.92 million new shares were received, which represents an oversubscription rate of 26.81 times.

PT Resources said they are issuing a price of RM0.36 per share, payable in full upon application.

At the same, the company also said that more than 13.37 million new shares available for eligible directors, employees and persons who have contributed to the success of the group have also been fully subscribed.

Further, the placement agent Mercury Securities Sdn Bhd has confirmed that a total of 94.87 million new shares made available for application by way of placement to selected investors and selected Bumiputera investors approved by the International Trade and Industry Ministry have been fully placed out.

The notices of allotment will be posted to all successful applicants on or before Sept 23, 2022.

PT Resources aims to raise RM48.6 million from its IPO through its listing on the ACE Market for the expansion of its footprint.

PT resources MD Heng Chang Hooi said the IPO will enable them to take advantage of the growing frozen seafood by expanding their capacity to store and produce high-quality frozen seafood products to serve rising customer demand in the local and international markets.

“We will continue to strive to compete at the next level as there are still a lot of growth opportunities out there and the world is still our oyster,” Heng added.