KUALA LUMPUR, 6 September 2019 – MMIS Berhad, a precision engineering parts manufacturer from Batu Gajah’s Industrial Park in Pusing, Perak, made its debut on the Leading Entrepreneur Accelerator Platform (LEAP) Market of Bursa Malaysia Securities Berhad with the opening price of RM0.12, 2 sen or 20% premium over its IPO price of RM0.10.
Its first traded volume was 2 million shares. The stock code is MMIS – 03027.
MMIS placed out 50,000,000 new ordinary shares representing 10% of the Company’s enlarged share capital to selected sophisticated investors at 10 sen per share, raising a total of RM5 million. Upon its debut, MMIS will have a market capitalisation of RM50 million.
At the listing ceremony, MMIS Managing Director Mr. Loh Chin Soon said: “The precision engineering industry in Malaysia has shown promising growth prospects. With our strong portfolio of customers and assets, we are confident that MMIS will be well-positioned to ride on the industry’s growth in the long-term.”
“Presently the average utilisation rate of our computer numerical control (CNC) machines is at approximately 73% while our production space is fully utilised. In anticipation of increasing orders, we will need more production space. As such, we plan to use part of the proceeds raised from the listing and bank borrowings to enlarge our current facility and increase floor production with our recent acquisition of a 4,252 sqm (1.05 acre) parcel of land beside our existing production facility to increase floor production space from 32,400 sq ft to 66,600 sq ft by end of 2020,” he added.
Its wholly-owned subsidiary, Multi Mould Industries Sdn Bhd (“MMI”), for the financial year ended 30 June 2018 (FY2018) registered a revenue of RM17.02 million, an 82% increase from RM9.34 million posted in the previous financial year.
Its profit before tax for FY2018 was RM5.27 million, 207% higher than RM1.71 million registered in the last financial year.
On 30 August 2019, MMIS made its first interim unaudited financial report Bursa announcement for financial year ended 30 June 2019 (FY2019) with revenue RM13.57 million and profit after tax RM3.49 million after dispensing non-recurrence listing expenses of RM0.59 million.
Meanwhile, its subsidiary, MMI unaudited financial year ended 30 June 2019 (FY2019) registered a revenue of RM13.57 million with profit after tax RM4.065 million amidst the severe trade tension between US and China”.