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OM Holdings debuts on Main Market of Bursa Malaysia Securities

Published: 07:51 22 Jun 2021 BST

OM Holdings Ltd - OM Holdings debuts on Main Market of Bursa Malaysia Securities
OMH shares on Bursa Securities are now being traded independently from OMH shares on the ASX

OM Holdings Limited (ASX:OMH) has made its debut on the Main Market of Bursa Malaysia Securities Berhad on Tuesday morning at an opening price of 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, 2021, multiplied by the closing Bank Negara Malaysia’s Australian dollar to the Malaysian ringgit exchange rate of A$1:RM3.1115. 

Following the listing, OMH shares on Bursa Securities are being traded independently from OMH shares on the ASX. 

The news pushed the company’s shares on the ASX as much as 5.5% higher to A$0.87 in afternoon trade on Tuesday. 

Significant milestone

OMH chairman and CEO Low Ngee Tong said: “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.”

Shares available for trading

As of the listing date, a total of 16.8 million shares were available for trading on Bursa Securities, exceeding the aggregate of 10.0 million shares initially undertaken by the promoter of OMH.

As OMH shares are fully fungible between the two exchanges, shareholders can transfer their shares listed on the ASX to Bursa Securities, and vice versa for trading.

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.

Leading supplier of manganese ores, ferroalloys

OM Holdings is a vertically integrated manganese ore and ferroalloy company involved in the mining and trading raw ores, as well as the smelting and marketing of processed ferroalloys.

The Group is one of the world’s leading suppliers of manganese ores and ferroalloys, and seeks to be the main ferroalloy supply partner to major steel mills and other industries.

Powered by sustainable hydro-power, the company is pursuing growth and natural diversification into new commodities like silicon metal.

It has the lowest cost quartile smelter complex in Sarawak, Malaysia, the largest of its kind in Asia, excluding China and has operations in Australia, China, Japan, Malaysia, Singapore, and South Africa.

Through its global trading network, it distributes products from its Asia-Pacific base to customers around the world.

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