OM Holdings Ltd (OMH), a vertically integrated manganese ore and ferroalloy producer primarily listed on the Australian Securities Exchange (ASX) has successfully debuted on the Main Market of Bursa Malaysia with an opening price of RM2.72/share or 5.84% premium from its listing reference price of RM2.57/share.
The listing reference price was calculated based on the closing market price of OMH shares traded on the ASX at 82.5 Australian cents on June 21.
Subsequent to the listing, OMH Shares on Bursa Malaysia are now being traded independently from OMH shares on the ASX.
The trading price of OMH shares on Bursa Malayia 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 10.0 million shares initially undertaken by OMH’s promoter Low Ngee Tong, who is also the company’s executive chairman and CEO.
As OMH shares are fully fungible between both exchanges, shareholders are able to transfer their shares listed on the ASX to Bursa Securities and vice versa for trading.
“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,” commented Low.
“In time, we are hopeful that we will be able to grow our market presence among Malaysian investors, while boostinh the trading activity and liquidity for our shares in the Malaysian capital markets.”
At the close of the morning trading session, OM Holdings was up 24 sen or 9.34% to RM2.81 with 442,200 shares traded.
