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InNature debuts on Bursa Malaysia at 72 sen

KUALA LUMPUR: InNature Bhd, which made its debut on the Main Market of Bursa Malaysia today, opened at 72 sen or eight sen above it’s listing price of 64 sen.

The listing price was lower than the company’s initial public offering (IPO) price of 68 sen.

Chairperson Datuk Simon Foong said the company decided to lower the price given the challenging market situation currently.

“The IPO was well subscribed but we could still decide at what price to set the listing price.

“It was between 62 sen and 68 sen. We felt 64 sen was right, ” he said after the company’s listing ceremony.

Foong said the market was challenging due to the current Covid-19 epidemic, which is currently impacting the retail industry.

“We’ve been around for 36 years and have weathered a lot. We’re convinced that in the long term, we’ll be alright.”

InNature, which retails and distributes The Body Shop brand of cosmetics and personal care (CPC) products, has 89 points-of-sale in the Peninsular Malaysia, Sabah and Labuan, 34 points-of-sale in Vietnam and one point-of-sale in Cambodia.

In collaboration with Natura Cosmeticos SA, the company also recently introduced the Natura beauty brand into Malaysia to expand its brand portfolio and strengthen its leadership and market share of the naturals sector of the CPC industry.

The Natura e-commerce website was launched in August 2019, followed by the opening of a pop-up store in Sunway Pyramid in October 2019, and the social selling operations of the business has also recently commenced.

The company plans to use the proceeds from the IPO to expand the Natura business and to support more store openings of The Body Shop, particularly in Vietnam and Cambodia.

On its dividend policy, the company said it is its intention to recommend and distribute at least 30% of its annual audited profit after tax attributable to shareholders.

Source: TheStar