HHHCORP listed on ACE market today

Price:
IPO: RM 0.20
Open: RM 0.32
High: RM 0.37
Low: RM 0.245
Close: RM 0.25




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Hiap Huat makes strong debut on ACE

Hiap Huat Holdings Bhd made a strong debut on the ACE Market of Bursa Malaysia today with 60 per cent premium, or up 12 sen to 32 sen, from the offer price of 20 sen, with 15.06 million shares traded.

Non-executive chairman, Zulkifly Zakaria, said the company would use thelisting proceeds of about RM17 million for working capital (RM8.2 million), capital expenditure (RM4.5 million), to fund the listing process (RM2.3 million)and RM2 million to repay bank borrowings.

"The funds will be used to finance the expansion of its businesses into developing countries like Indonesia, Vietnam, Myanmar and the Philippines, which harboured potentials for our recycled products," he said in a statement today.

He said the growing demand for vehicles and machinery's lubricant products,coupled with the competitive pricing of recycled lubricants and substitutability of recycled lubricants over pure lubricants, had created a conducive and ready market for Hiap Huat's products.

Hiap Huat is involved in the collecting, recycling, re-refining and producing recycled products especially oil. The initial public offering of five million new shares was oversubscribed by 136 times.

The company is estimated to have a market capitalisation of RM66.7 millionupon listing. -- Bernama

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Malaysia’s only listed oil recycler HiapHuat opens up 62.5% at 32.5 sen

KUALA LUMPUR: Used oil recycler Hiap Huat Holdings Bhd made a strong debut on the ACE Market of Bursa Malaysia on Monday, opening 62.5% higher at 32.5 sen.

At 9am, it was up 12.5 sen to 32.5 sen in very active trade.

The FBM KLCI rose 1.72 points to 1,616.04. There were 34.11 million shares done valued at RM11.12mil. There were 61 gainers, 25 losers and 66 counters unchanged.

The company raised about RM17mil from the initial public offer (IPO). The IPO comprised of 85 million new 10 sen shares. The shareholders had also offered sale 50 million existing shares.

Hiap Huat Holdings' core activity is collecting, recycling, re-refining and producing recycled products and it is the only such listed company on the Malaysian stock exchange.

Hiap Huat Holdings Bhd made a strong debut on the ACE Market of Bursa Malaysia today with 60 per cent premium, or up 12 sen to 32 sen, from the offer price of 20 sen, with 15.06 million shares traded.

Non-executive chairman, Zulkifly Zakaria, said the company would use thelisting proceeds of about RM17 million for working capital (RM8.2 million), capital expenditure (RM4.5 million), to fund the listing process (RM2.3 million)and RM2 million to repay bank borrowings.

"The funds will be used to finance the expansion of its businesses into developing countries like Indonesia, Vietnam, Myanmar and the Philippines, which harboured potentials for our recycled products," he said in a statement today.

He said the growing demand for vehicles and machinery's lubricant products,coupled with the competitive pricing of recycled lubricants and substitutability of recycled lubricants over pure lubricants, had created a conducive and ready market for Hiap Huat's products.

Hiap Huat is involved in the collecting, recycling, re-refining and producing recycled products especially oil. The initial public offering of five million new shares was oversubscribed by136 times.

The company is estimated to have a market capitalisation of RM66.7 millionupon listing. -- Bernama


Read more: Hiap Huat makes strong debut on ACE http://www.btimes.com.my/Current_News/BTIMES/articles/20121126142157/Article/#ixzz2DKo0nfUy

Hiap Huat Holdings Bhd made a strong debut on the ACE Market of Bursa Malaysia today with 60 per cent premium, or up 12 sen to 32 sen, from the offer price of 20 sen, with 15.06 million shares traded.

Non-executive chairman, Zulkifly Zakaria, said the company would use thelisting proceeds of about RM17 million for working capital (RM8.2 million), capital expenditure (RM4.5 million), to fund the listing process (RM2.3 million)and RM2 million to repay bank borrowings.

"The funds will be used to finance the expansion of its businesses into developing countries like Indonesia, Vietnam, Myanmar and the Philippines, which harboured potentials for our recycled products," he said in a statement today.

He said the growing demand for vehicles and machinery's lubricant products,coupled with the competitive pricing of recycled lubricants and substitutability of recycled lubricants over pure lubricants, had created a conducive and ready market for Hiap Huat's products.

Hiap Huat is involved in the collecting, recycling, re-refining and producing recycled products especially oil. The initial public offering of five million new shares was oversubscribed by136 times.

The company is estimated to have a market capitalisation of RM66.7 millionupon listing. -- Bernama

Read more: Hiap Huat makes strong debut on ACE http://www.btimes.com.my/Current_News/BTIMES/articles/20121126142157/Article/#ixzz2DKnyg3bZ