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KUALA LUMPUR, July 30 -- Lim Seong Hai Capital Bhd (LSH Capital) made a strong debut on Bursa Malaysia's LEAP Market at 26 sen per share, a premium of 13 sen or 100 per cent of its initial public offering (IPO) of 13 sen.
At the opening bell, the counter saw 1.1 million shares traded.
In a statement, it said the exercise involved the listing of its entire issued share capital of RM36.58 million, comprising 355.06 million shares.
"The listing is implemented by way of introduction and did not entail any fund-raising exercise upon admission to the LEAP Market of Bursa Malaysia.
"It only involved the issuance of 35.86 million new shares to pre-listing investors at the subscription price of RM0.13 per share, which raised total proceeds of RM4.66 million," it said.
LSH Capital's non-executive chairman, Tan Sri Lim Keng Cheng said the listing aims to provide assurance and show the group's appreciation of its loyal customers that have been with the group throughout the years.
To-date, the company has secured orders worth approximately RM69.7 million for the provision of lighting products, related mechanical and engineering products and services, as well as building materials and rental of machinery for LSH33.
"Of the figure, RM63.2 million is expected to be recognised in the group’s revenue for up to year 2024," it added.
Meanwhile, Lim said the group plans to further digitise its operations, particularly the order and delivery processes of building materials, as well as allocate more resources to e-commerce for the retailing of lighting products, hardware and tools.
“We are currently operating from one head office, eight retail stores and one warehouse in the Klang Valley, and we intend to set up two additional Lim Seong Hai Lighting Sdn Bhd retail stores and three additional Knight Auto Sdn Bhd retail stores in Kuala Lumpur by 2024.
"The total estimated cost of setting up these five additional retail stores is approximately RM12.7 million, which will be partially funded by the proceeds generated from the IPO,” he said.
At 11.30 am, LSH Capital share price stood at 26 sen per share.
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