OM Holdings rises as much as 13.6% on Main Market debut
KUALA LUMPUR (June 22): Australia-listed mining firm OM Holdings Ltd (OMH), which made its debut on the Main Market of Bursa Malaysia today, rose as much as 35 sen or 13.62% to RM2.92. This is the first cross-listing on Bursa and the Australian Securities Exchange (ASX).
At the opening bell, the manganese ore and ferro-alloy producer climbed 15 sen or 5.84% to RM2.72.
At 10.34am, it settled at RM2.81, still up 24 sen or 9.34% from the listing price of RM2.57 apiece.
The group’s executive chairman and chief executive officer (CEO) Low Ngee Tong said at a virtual press conference today that the group’s immediate focus is to expand its mining project in Australia and raise the output of its Sarawak plant.
He sai, the group also plans to convert to metallic silicon to produce higher value-added products, and diversify into the aluminium, chemicals and solar downstream industries.
He also said demand for infrastructure remained strong amid the Covid-19 pandemic.
“We are in a very niche market. The order books are filled out for most of this year,” he said.
On its Sarawak plant, which is temporarily suspended due to the movement control order (MCO) 3.0, he said the group is trying its best to ensure its workers receive the attention they need to quarantine and be routinely tested, so that the plant can get back to normal as soon as possible.
He also expects the additional capacity of its Sarawak plant to be fully operational in 2024 or 2025.
Low indicated earlier its Sarawak plant, which currently has the capacity to produce up to 300 kilotons per annum of silico manganese, is expected to yield an additional 150 kilotons of silico manganese following its capacity expansion plans.
Asked if the group plans to issue new shares to raise more funds, Low said the group’s primary focus is to broaden its shareholder base via the listing, especially for Malaysian investors who are familiar with the industrial park in Sarawak.
“Of course, we don’t rule out the opportunity to raise capital in the future when conditions are met,” he added.