THMY Holdings Soars 158 Pct Above IPO Price On ACE Market Debut

KUALA LUMPUR, Oct 23 (Bernama) -- THMY Holdings Bhd, a test solutions engineering provider, made its debut on the ACE Market of Bursa Malaysia with a strong 158 per cent premium over its initial public offering (IPO) price of 31 sen.

At 9 am, the counter opened at 80 sen, with 49.82 million shares changing hands.

Of the total proceeds, THMY Holdings said 58.1 per cent will be allocated for the construction of a new factory, 11.7 per cent for the repayment of bank borrowings, 8.3 per cent for the purchase of machinery and equipment, 6.9 per cent for working capital, and 4.3 per cent for design and development as well as research and development.

At THMY’s prospectus launch last month, chief executive officer and executive director Ooi Can Nix stated that the new factory will be located about three kilometres from the company’s existing facility in the Batu Kawan Industrial Park, Penang.

He said the group’s expansion plan was in response to the growing demand for automated test solutions.

On overseas operations, he noted that Thailand remains THMY’s largest market in Southeast Asia.

-- BERNAMA