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apple developer account(buyappleacc.com):Firm debut for CEKD amid cautious market

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,From left to right: Among those present were Gary Ting, head of corporate finance, M&A Securities Sdn Bhd; Chong Chin Look, independent non-executive director, CEKD; Datuk Mak Foo Wei, independent non-Executive director, CEKD; Datuk Zulkifli Adnan, Chairman, CEKD; Yap Kai Ning, managing director, CEKD; Yap Kai Min, chief operations officer, CEKD; Yap Tian Tion, deputy executive chairman, CEKD; Datuk Bill Tan, managing director of corporate finance, M&A Securities Sdn Bhd.

KUALA LUMPUR: Die-cutting solutions provider CEKD Bhd made a firm debut on the ACE Market on Wednesday and its shares rose to a high of 62 sen amid a cautious broader market.

It opened at 60 sen, which is a 12 sen premium than its initial public offering (IPO) price of 48 sen per share, with the first traded volume recorded at 6.28 million shares.

At 9.30am, its share price was trading at 55.5 sen, or 7.5 sen above its offer price of 48 sen. There were 48.73 million shares done at prices ranging from 54.5 sen to 62 sen.

The FBM KLCI was down 15.56 points or 1.01% to 1,531.26. There were 171 gainers, 463 losers and 335 counters unchanged.

The listing involves the issue of 50.59 million new shares at an issue price of 48 sen apiece.

The shares were made available via the issue of 9.73 million new shares to the Malaysian public, 9.73 million new shares to eligible directors, employees and persons who have contributed to the success of the group, 6.81 million new shares to be privately placed with selected investors, and 24.32 million new shares to be privately placed with Bumiputera investors.

Under its IPO, its public portion was oversubscribed by 131.61 times.

CEKD chairman Datuk Zulkifli Adnan said: "We are extremely pleased with today's listing debut on the ACE Market and are humbled by the reception to our IPO from the investing public.

"We are a leading provider of die-cutting mould solutions in Malaysia, and we believe this IPO will give the Group more visibility and aid in the expansion of the business. This will help us to not only retain our customers in Malaysia but help capitalise on other markets such as Southeast Asia and the Middle East," he said in a statement.

Zulkifli said as the only die-cutting mould specialist in Southeast Asia to be certified by Bobst Mex SA, a leading global supplier of machinery and services to the packaging industry from Switzerland, it plans to expand its operations and manufacturing services in its existing markets as well as solidify its position in Southeast Asia and the Middle East.

"We believe that there are plenty of opportunities that we can tap into in these markets due to the growth in the E&E, plastic and packaging, automotive as well as textile and leather industries," he added.

While CEKD distributes to markets in Australia, Vietnam, Thailand, Philippines and the Middle East, Malaysia makes up 85.0% of the overall revenue in the financial period ended March 31, 2021. Its customers are mainly from the printing and packaging, electrical and electronics, automotive, plastic packaging, textile, and leather industries.

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