KUALA LUMPUR: Malaysia’s second largest cleanroom gloves exporter, CE Technology Bhd made its debut on the Leading Entrepreneur Accelerator Platform Market on Friday, opening at 26 sen, or two sen above its offer price of 24 sen.
At 9.03am, it was trading at 27 sen with 30,000 shares done.
The FBM KLCI fell 2.72 points or 0.16% to 1,672.71mil. There were 129 gainers, 54 losers and 149 counters unchanged. Turnover was 80.25 million shares valued at RM41.74mil.
Under the listing exercise, it raised RM12.48mil to mainly finance its expansion due to the strong global demand for cleanroom gloves.
CE Technology manufactures and sells nitrile and latex cleanroom gloves for high-end electronics and life sciences industries which require additional chemical and microbiological hazard protection.
According to the company, cleanroom gloves are mainly used to control contamination and prevent electrostatic discharge.
Based on the audited financial statements for the financial year ended July 31, 2018, more than 95% of its products are exported to Asean, Europe, the US, China and Japan.
As part of the listing exercise, it placed out 52 million shares representing 15.02% of the company’s enlarged share capital to selected sophisticated investors at 24 sen per share, raising a total of RM12.48 million.
Upon listing, CE Technology will have a market capitalisation of RM83.10mil.