By DayakDaily Team
KUALA LUMPUR, Nov 29: Supreme Consolidated Resources Berhad (SCRB), the sole Sarawakian company to list on the ACE Market of Bursa Malaysia Securities Berhad this year, is poised to continue its growth trajectory following its strong debut on the ACE Market today.
The share price of SCRB opened at 37 sen, a premium of 12 sen over its initial public offering (IPO) price of 25 sen on its maiden day of trading on the ACE Market of Bursa Malaysia Securities Berhad.
It marked a spectacular debut for the Kuching-based frozen and chilled food products distributor which gained 48 per cent during its listing on the ACE Market, transiting from the Leading Entrepreneur Accelerator Platform better known as the LEAP Market.
At the end of the morning trading session at 12.30pm today, the counter closed at 33.5 sen, an increase of 34 per cent over its IPO price with 95.38 million shares traded.
SCRB’s executive chairman Dato Richard Wee Liang Chiat believed the company’s business and earnings will continue to grow supported by various initiatives and a strong track record built over the last 40 years.
“With years of industry experience, we will continue with our ongoing efforts to expand our product range to cater for our consumers’ ever-changing needs.
“We are excited about what lies ahead. SCRB is confident that our proven ability to consistently build a strong foundation that supports our continued growth,” he said in his speech prior to the company’s listing at Bursa Malaysia’s headquarters in Kuala Lumpur today.
Meanwhile, SCRB’s IPO to raise RM17.5 million for the expansion of the company’s warehouse facilities has garnered strong demand with the retail offerings oversubscribed by 349.42 times, the highest subscription for a new listing to date.
According to the company’s filing on Bursa Malaysia on Nov 21, SCRB reported an increase of 72.5 per cent in its net profit for the fourth quarter of the financial year 2024 (4QFY24) ended September 2024 to RM2.22 million from RM1.29 million generated in the same period corresponding quarter.
At the same time, SCRB said revenue for the 4QFY24 grew by 14.84 per cent year-on-year (y-o-y) to RM54.72 million, up from RM47.65 million recorded in 4QFY23 due to increased sales of frozen and chilled food products, driven by bulk purchases from wholesalers.
The company has earmarked 62.9 per cent of the RM17.5 million funds raised to expand its warehouse facility, 22.8 per cent for working capital and the balance of 14.3 per cent for listing fees. — DayakDaily
