KUALA LUMPUR: OM Holdings Ltd debuted on the Main Market of Bursa Malaysia with an opening price of RM2.72 a share, a 5.84% premium over its listing reference price of RM2.57.
As at 11.44am, the stock was trading 28 sen or 10.89% above the reference price at RM2.85 a share on the back of 420,900 shares traded.
The local market debut of the manganese ore and ferroalloy producer marks the first cross listing on Bursa Malaysia and the Australian Securities Exchange (ASX), where the company has its primary listing.
OM Shares on Bursa Malaysia are now being traded independently from OM shares on the ASX. The trading price of OM shares on the two exchanges may differ due not only to currency fluctuations but also due to the demand and supply dynamics and difference in trading participants and investor bases on both exchanges.
““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,” said OM executive chairman and CEO Low Ngee Tong in a statement released in conjunction with the stock’s Bursa Malaysia debut.
He added that the group aims to grow its market presence among Malaysian investors and boost the trading activity and liquidity of its share in the Malaysian capital markets.