Ibrahim (second right) points at the screen displaying Supreme’s stock on the LEAP Market while Wee (third left), and senior management of Supreme look on.
KUALA LUMPUR: Supreme Consolidated Resources Bhd (Supreme) made a strong debut on Bursa Malaysia’s LEAP Market yesterday, with its shares opening at a premium of RM0.60 per share, 20 per cent over the Initial Public Offering (IPO) price of RM0.50.
Supreme’s market debut also marks the first company from Sarawak to be listed on the LEAP Market.
The market capitalisation of Supreme based on the initial IPO price is RM60 million. The company began trading under the stock name of ‘SUPREME’ and stock code of ‘03018’.
Speaking at the launch, Supreme non-independent executive vice chairman Dato Richard Wee said, “The share price performance on Bursa Malaysia reflected support and confidence of our high net worth investors in our Company’s performance and business model.”
He added, “With our listing, we look forward to capitalising on growth opportunities in the market to expand our food and beverage business.”
The proceeds raised from the IPO will be used mainly to part-finance the construction of the new warehousing facilities and for working capital purposes.
Meanwhile, Kenanga Investment Bank Bhd, group managing director, Datuk Chay Wai Leong said Supreme’s debut on the LEAP Market signalled a positive start for Supreme’s business growth in 2019.
“Congratulations to Supreme on being the first LEAP listing in Sarawak. We are pleased to have played a key role as the principal advisor, placement agent and continuing advisor for this exercise.
“LEAP Market is an efficient alternative capital-raising platform that has received good traction over the last year and we look forward to being a part of more similar listing exercises this year,” he added.
Also present at the listing ceremony were non-independent non-executive chairman of Supreme, Ibrahim Baki and the Board of Directors of Supreme, head of Group Investment Banking of Kenanga Investment Bank, Datuk Roslan Tik and senior management of the Supreme group.
Wee said, “We are confident that our listing will serve to enhance the profile of our group, which will enhance the growth of our group’s business in East Malaysia.”