LIMAHSOON to raise RM24m from IPO
The Edge Daily, 25
May 2004
Timber
products manufacturer LIMAHSOON Bhd plans to raise a total
of RM24.7 million from a rights issue and subsequent shares
flotation in its proposed listing on the Second Board in
the third quarter.
The company, whose operations are based in Beranang, Selangor,
plans to make a public issue of 16.4 million new shares
of 50 sen each at RM1.08 apiece. The exercise will increase
its paid-up capital to RM40.2 million.
Its listing prospectus is expected to be released soon.
LIMAHSOON makes semi-finished timber products, specialising
in laminated boards, finger joint panels, furniture components,
flooring strips and other rubberwood products.
Its managing director Lim Chong Kim said the group had
an 8% share of the local laminated board market worth over
RM500 million annually.
"The economy is expected to strengthen over the next few
years and this augurs well for LIMAHSOON as it leads to
potential business opportunities in the domestic and export
markets," he told reporters at an underwriting ceremony
in Kuala Lumpur on May 26.
For the year ended Dec 31, 2003, LIMAHSOON posted a net
profit of RM6.77 million on the back of a RM44.93 million
revenue.
Link captured from: www.theedgedaily.com
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