Posted by Jimmy Song > 2013-12-26 09:16 | Report Abuse

KANGER INTERNATIONAL BERHAD DEBUTS ON BURSA MALAYSIA TENTH CHINA-BASED COMPANY TO BE LISTED ON ACE MARKET KUALA LUMPUR, 23 DECEMBER 2013 – Kanger International Berhad (“Kanger” or the “Company”), a global integrated bamboo product manufacturer and supplier became the 10th China-based company to be listed on Bursa Malaysia Securities Berhad (“Bursa Securities”) on 23 December 2013. The Company debuted on Malaysia’s Stock Exchange this morning with an opening price of RM0.39 and 3.11 million shares traded. The market presented strong demand for Kanger’s Shares on the 16 December 2013, when its balloting results of its Public Issue where the 11,000,000 Shares which were made available for application by the Public had been oversubscribed by 60.57 times. The 69 million new Kanger Shares that were made available for placement to selected investors were fully placed out. The listing of Kanger Shares at an issue price of RM0.25 raised RM20 million for the company. Approximately 10% of the proceeds raised will be utilised for the Company’s R&D expenditure which will enable Kanger to further develop its R&D facilities in Malaysia pursuant to its R&D collaboration with the Forest Research Institute of Malaysia (FRIM). Speaking at the listing ceremony, Manager Director of Kanger, Mr Leng Xingmin said, “Our listing on Bursa Malaysia would serve as a platform to expand our business potential to the next level, it will enable us to raise our capacity and capability to manage bigger operations and business projects, create a stronger company profile and provide easier access to the capital markets when required.” “Going forward, with stronger avenues for our Group’s growth, this in turn will contribute to better value creation for both our Group and our shareholders.” he continued. Kenanga Investment Bank Berhad is the Advisor, Sponsor, Underwriter and Placement Agent for the listing of Kanger.