PETALING JAYA: OM Holdings Limited (OMH), a vertically integrated manganese ore and ferroalloy producer primarily listed on the Australian Securities Exchange (ASX), today debuted on the Main Market of Bursa Malaysia Securities Bhd (Bursa Securities).
At the closing bell, OMH ended its first trading day at RM2.83 on 599,300 shares traded. Earlier, OMH opened at RM2.72 per share, which is a 5.84% premium from the listing reference price of RM2.57 per share.
The listing reference price was calculated based on the closing market price of OMH shares traded on the ASX of A$0.825 on June 21, multiplied by the closing Bank Negara Malaysia A$:RM exchange rate of A$1:RM3.1115.
Subsequent to the listing, OMH shares on Bursa Securities are now being traded independently from OMH shares on the ASX. The trading price of OMH shares on Bursa Securities and ASX may differ due not only to currency fluctuations but also due to the demand and supply dynamics and difference in trading participants and investor bases on both exchanges.
As at the listing date, a total of 16.8 million shares are available for trading on Bursa Securities, exceeding the aggregate of 10 million shares initially undertaken by Low Ngee Tong, the executive chairman and CEO and promoter of OMH. As OMH shares are fully fungible between the two exchanges, shareholders are able to transfer their shares listed on the ASX to Bursa Securities, and vice versa for trading.
“We are pleased to achieve this significant milestone in over the 20-year history of our company, as well as the positive reception of local investors in our shares on Bursa Securities. Our secondary listing also aligns with our future expansion plans for both our upstream and downstream business activities to capture the growth opportunities in the region. In time, we are hopeful that we will be able to grow our market presence amongst Malaysian investors, and boost the trading activity and liquidity for our shares in the Malaysian capital markets,” said Low in a statement.
