Seers debuts at 8.5 sen, half sen premium on leap market
KUALA LUMPUR: Seers Bhd made its debut on the Bursa Malaysia Leading Entrepreneur Accelerator Platform (LEAP) Market yesterday at 8.5 sen, a half sen premium over the initial offer price. At the opening bell, 100,000 unit shares were traded.
Seers, a water heating solutions specialist and the eighth company to be listed on the LEAP market, is expected to raise RM5.15 million through this listing.
Co-Founder and Managing Director Ken Foo Kwok Hsing said with the capital raised, the company is focused on expanding in the Asia Pacific region and its retail market.
“Seers plans to use RM1.3 million raised from the initial public offering as capital expenditure and RM2.95 million as general working capital,” he told a press conference after the company’s listing.
The company is also aiming to increase exports to Indonesia, Thailand and Cambodia from five per cent currently to 30 per cent in a year’s time. “We have a strong base in Malaysia, with 90 per cent of our market share being local. We also hope to gain an increase of 30 per cent increase in total revenue,” Foo said. — Bernama
KKCCCI welcomes Sales and Services Tax
KOTA KINABALU: The Kota Kinabalu Chinese Chamber of Commerce and Industry (KKCCCI) yesterday welcomed the reintroduction of Sales and Services Tax (SST) at six per cent for services and 10 per cent for the sale of goods to compensate for the zero-rating of the Goods and Services Tax (GST) since June 1.
Its president, Datuk Michael Lui, said the SST was aligned with the government’s aspiration to improve the people’s well-being and put the country’s finance back on track.
Even with prudent and transparent financial management, he said our country’s finance would still be affected without revenue from SST.
On another note, Lui said the extent of the impact of SST on goods prices had yet to be determined as the government had not announced the scope of the tax.
He said the old SST was only imposed on certain imported and local products, as well as six per cent service tax on hotels and restaurants that recorded more than RM3 million in revenue a year.
If the reintroduced SST was based on the old system, Lui believed that only the high-end consumers would be affected by the tax.
He added that there was a huge difference between GST and SST.
Lui said GST was imposed on majority of goods with a broader impact and heavier burden on consumers.
Finance Minister Lim Guan Eng said on Monday that the provision of services will be taxed at six per cent under the reintroduced SST, while the sales of goods will incur a 10 per cent tax.
He said the SST bill is expected to be passed in August during the current parliamentary sitting and would be implemented in September.