Solid Automotive's shares rose 7.143pc
Solid Automotive Bhd, which made its debut on the Main Market of Bursa Malaysia today, rose 7.143 per cent or four sen to 60 sen at the end of the morning session.
The Johor-based automotive parts trading company, which also opened at a four sen premium from 56 sen offer price, saw 4.84 million shares traded at the opening bell.
As at mid-day, a total of 52.935 million shares changed hands.
Its independent non-executive chairman Chee Ho Chun said today's listing would see the company move forward to scale greater heights in business performance and achieve greater value creation for its business associates and new shareholders.
"We are well position to capitalise on this favourable market trend and set the platform to become one of the leading players in the automotive aftermarket for parts and components in Malaysia," he said in a statement.
Chee said among their strategies are centralisation of its operations, expansion of principal activities, enhancing in-house product-testing capabilities, expansion of distribution network and new distributorship of Lucas branded products.
All these strategies would enable the company to achieve and sustain its growth momentum in the future, he added.
According to the Independent Market Research Report by Protégé Associates Sdn Bhd, the market size of the automotive aftermarket for parts and components in Malaysia is expected to reach RM4.39 billion in 2017 from RM3.61 billion last year, with compounded annual growth rate for the period 2012 to 2017 projected at four per cent.
For this listing, Solid Automotive is expected to raise about RM19.81 million, which involved the public issue of 35.38 million new shares at 56 sen each.-- Bernama