MYMBN non-independent non-executive chairman Liw Chong Liong (fifth from left) and non-independent executive director and CEO Lavernt Chen Vun Wo (sixth from left) with other members of the company's board of directors and management, Mercury Securities managing director Chew Sing Guan (second from right) and co-head of corporate finance Eric Chong Soo Keng (far right)
KUALA LUMPUR: The trading stock of bird's nest processor Mymbn Bhd
started at 28 sen a share on its trading debut, representing a seven sen or 33% increase over its initial public offering price of 21 sen a share.
The share, which was listed today on the ACE Market, was one of the most actively traded on Bursa Malaysia with 9.21 million shares done at the opening bell.
“In recent years, we have witnessed a significant surge in the demand for Malaysian-produced edible bird's nests, not only within our domestic market but also on a global scale, particularly in countries such as China and Vietnam.
"We have thus laid out several initiatives to capitalise on this promising outlook of our industry and to grow our customer base in both the local and regional markets," said MYMBN chairman Liw Chong Liong in a statement.
With the RM20.58 million proceeds raised from the IPO, MYMBN said it will utilise RM2.8mil and RM3.2mil for the purchase of a new processing facility and for the renovation as well as the fit out works on it respectively.
The company said it will also invest RM1.68mil to set up three bird’s nests collection centres in East Malaysia while RM1.25mil will be allocated for the expansion into the processing and sale of raw clean edible bird's nests (RCEBN), via a pre-identified acquisition target domiciled in China.
Approximately RM6.6mil of the proceeds will be utilised for the purchase of raw bird’s nests for RUCEBN, while RM2.05mil has been allocated for the company’s working capital, and the remaining RM3mil for listing expenses.
Upon its listing, the company had a market capitalisation of RM81.1mil based on the issue price of 21 sen.
MYMBN is principally involved in the processing and selling of edible bird’s nests, specifically RUCEBN, to both local and international markets, particularly China.
Mercury Securities is the principal adviser, sponsor, underwriter, and placement agent of MYMBN’s IPO.
