ACE Market-bound MyMBN’s public shares oversubscribed by 30.8 times

MyMBN Bhd is one of three approved suppliers of raw unclean edible bird’s nests to China.

The issuing house, Malaysian Issuing House Sdn Bhd , said a total of 7,712 applications for 613.14 million new shares were received for the public portion of the shares.A total of 18.68 million new shares were available for application by eligible directors, employees, persons who contributed to the success of MyMBN, and its subsidiaries, which MIH said has been fully subscribed.

On July 10, Apex Research had given the company a fair value of 30 sen based on MyMBN’s FY2024F earnings per share of 1.9 sen and a premium of 10% on Bursa Malaysia’s consumer products and services index 2024 forward price-earnings ratio of 16.2x. “China is the largest edible bird’s nest consumer globally, accounting for over 60% of total production,” the research house said. It noted this was hindered due to its zero-Covid policy but is now expected to recover.

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