Loo and Lee with other directors and Alliance Bank Malaysia Bhd senior executives at the company’s listing ceremony. Alliance Islamic Bank is the IPO’s principal adviser, sponsor, sole placement agent, and sole underwriter for the IPO.
Managing director Loo Chai Lai said to strengthen brand positioning, the company will develop videos, infographics, and an online resource library that will offer comprehensive product information and training support to its dealers and project sales personnel. The company made its debut on the ACE Market of Bursa Malaysia today, opening at 37.5 sen, reflecting a premium of half a sen or 1.35% over the issue price of 37 sen, on volume of 20.77 million shares. The stock closed at 37.5 sen with 141,9 million shares traded.Out of the RM57.4 million raised from the IPO, RM31.4 million has been allocated for purchasing inventories.
“This achievement is a testament to our team’s dedication and hard work, which has successfully navigated the bathroom and kitchen sanitary ware industry for over two decades. Fuelled by the funds raised from the IPO exercise, we plan to recruit approximately 200 new dealers nationwide over the next three years,“ he said.