ASX-listed OMH makes Main Market debut

KUALA LUMPUR: Australian Securities Exchange (ASX)-listed OM Holdings Ltd (OMH) debuted on Bursa Malaysia’s Main Market yesterday at RM2.72, notching a 5.84 per cent premium from its listing reference price of RM2.57 per share.

OMH is making the first cross listing on Bursa Malaysia and ASX, which is undertaken by way of introduction and will not involve the issuance of new shares.

As at 11.30am, OMH was one of the top gainers on the exchange, rising 27 sen to RM2.84 with 414,400 shares changing hands. It ended the day at RM2.83.

The vertically integrated manganese ore and ferroalloy producer had previously said the listing reference price and the number of OMH shares made available for trading from the existing issued capital would be RM2.57 and 16.8 million shares, respectively.

The trading price of OMH shares on Bursa Malaysia and ASX may differ due to not only currency fluctuations but also the demand and supply dynamics, as well as difference in trading participants and investor bases on both exchanges.

Executive chairman and chief executive officer Low Ngee Tong said OMH’s secondary listing aligned with the company’s expansion plans for its upstream and downstream businesses.

“In time, we are hopeful that we will be able to grow our market presence among Malaysian investors, and boost the trading activity and liquidity for our shares in the Malaysian capital market,”

he said after the group’s listing yesterday.

OM Materials (S) Pte Ltd general manager (marketing and trading) Adrian Low Jia Yuan said the group aimed to broaden its investor reach and base, and potentially increase the liquidity of its shares through separate trading platforms.