The stock, which debuted at 60 sen at the opening bell, gained as much as 15 sen or 30% to 65 sen before closing 12 sen or 24% higher at 62 sen on 380,100 shares done.
Supreme Consolidated’s listing exercise entailed the public issue of 13.14 million new shares at 50 sen per share to raise RM6.57 million, of which bulk of the proceeds amounting to RM3.5 million for the construction of warehousing facilities.
In addition, some RM1.97 million has been earmarked for working capital while RM1.1 million will be deployed to defray listing expenses.
Supreme Consolidated is involved in importing, trading and distribution of frozen, chilled, dairy and dry food products in East Malaysia since 1983.
“The share price performance reflected support and confidence of our high net worth investors in our company’s performance and business model” said its non-independent executive vice-chairman Datuk Richard Wee.
Source: The Sun Daily