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KUALA LUMPUR (April 23): Shares of Topmix Bhd surged 32% in its trading debut on Tuesday after the surface decorative products company’s initial public offering (IPO) on the ACE Market raised RM31.7 million. Topmix opened at 41 sen on a volume of 12.24 million shares versus its IPO price of 31 sen per share before climbing as high as 45.5 sen on Bursa Malaysia. The stock was trading at 44 sen at 9.10am after 56.14 million shares changed hands. The country’s benchmark index was up 0.2%. Demand from investors was strong during its IPO, with the public tranche oversubscribed by 58.61 times. The Bumiputera portion was oversubscribed by 51.86 times while the other public category was oversubscribed by 65.26 times. Topmix mainly sells so-called high-pressure laminate (HPL) products used in kitchen and office cabinets as finishing under its own brand as well as in collaboration with third-party decor paper suppliers. The sale of new shares raised RM25.6 million, of which RM11.3 million or 44.2% has been earmarked for general working capital. The company also plans to use 23.3% of the proceeds for business expansion. Topmix also allocated 20.8% to expand into the assembly of melamine-faced chipboard products while the remaining 11.7% will be used to defray listing expenses. The offer-for-sale, meanwhile, raised RM6.10 million, which will accrue entirely to selling shareholders Teo Quek Siang, who is also the managing director, and executive director Tan Lee Hong. For the fourth quarter ended Dec 31, 2023 (4QFY2023), the group reported a net profit of RM2.84 million on the back of RM21.64 million revenue. For FY2023, Topmix registered a net profit of RM8.39 million on the back of RM72.68 million revenue, primarily due to the sales of HPL products, which represented 95.15% of the total revenue. Source: theedgemalaysia.com

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KUALA LUMPUR (April 22): There is a limited number of start-ups or high-tech companies poised for listing on Bursa Malaysia, as the majority of corporations in Malaysia remain in traditional sectors, said Economy Minister Mohd Rafizi Ramli. Despite Malaysia's strength in the electrical and electronics industry as a global exporter, he said only 4% to 5% of high-tech companies are listed on the local bourse. “It's a pity because this country is globally recognised as one of the most important semiconductor players in the world,” he said at a KL20 Summit 2024 session “From Malaysia to the world, open for tech business”, here on Monday. Rafizi said there is a need for a pipeline of tech and start-up companies ready for listing to enhance Malaysia’s business ecosystem. He emphasised that the government's interest extends beyond monetary investment in start-ups and is instead seeking early success stories to attract tech talent from around the world to Malaysia. Meanwhile, Khazanah Nasional Bhd managing director Datuk Amirul Feisal Wan Zahir suggested ensuring the availability and continuity of capital to reduce the concerns among start-ups. 'Not only is Malaysia an interesting market, but I also believe that if we can address the capital problem, we will foster a culture of risk-taking that can yield significant outcomes for the people who reside here,' Kuok adde. Source: Bernama