Techbond makes strong debut
KUALA LUMPUR: Techbond Group Bhd, which manufactures industrial adhesives made its trading debut on the Main Market amid a weak overall market, finishing the day up 20 sen to 86 sen.
In contrast, the benchmark FBM KLCI was down 7.97 points or 0.47% to 1,687.02.
Turnover was 454.79 million shares valued at RM241.76mil.
There were 99 gainers, 346 losers and 196 counters unchanged.
Techbond raised RM39.67mil from the issuance of 60.10 million new shares.
Of the 60.10 million new shares, it offered 11.50 million units to the public, six million shares to eligible directors and employees and 23 million shares were placed out to bumiputra investors approved by the Ministry of International Trade and Industry.
The remaining 19.6 million shares were placed out to selected investors.
Of the RM39.67mil in proceeds, it planned to use RM10mil to build a factory, RM17.24mil to purchase machinery and equipment and RM7.43mil as working capital.
The remaining RM5mil will be used as listing expenses.