Thursday, 12 September 2013

Solid Automotive opens at 60 sen on Bursa Malaysia

KUALA LUMPUR: Solid Automotive Bhd opened at 60 sen, which was four sen above its offer price of 56 sen, when it was listed on the Main Market of Bursa Malaysia on Thursday.

At 9am, the FBM KLCI was up 9.28 points to 1,777.76. Turnover was 21.14 million shares valued at RM13.44mil. There were 100 gainers, nine losers and 53 counters unchanged.

Solid Automotive raised about RM19.81mil from its listing exercise which involved the public issue of 35.38 million new shares at 56 sen each.

The shares available for the Malaysian public subscription were oversubscribed by 9.8 times. The company said a total of 4,100 applications for 81.224m shares with a value of RM45.4m were received from the Malaysian public.

Solid Automotive’s subsidiaries Solid Corporation, Twinco, Auto Empire, JBS and Uni Point are involved in the trading and distribution of automotive parts and components as well as remanufacturing of automotive alternators and starters for the passenger and commercial vehicle segments in the automotive aftermarket in Malaysia and overseas.

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