Changsen Holdings got off to a good start with an all-day premium of 75%

Penang Food Ingredients Supply Company - AGRICOR Holdings (AGRICOR, 0309, GEM) was listed on the GEM board of the Malaysian Exchange today, closing at 87.5 cents, which is 50 cents, or a premium of 37.5 cents over the initial public offering (IPO) price.

Changsen Holdings opened the market at 79 cents in early trading, with a premium of 29 cents or 58% over the IPO price of 50 cents.

When the market closed, the stock price of Changsen Holdings closed at 87.5 cents, with a trading volume of 87.7 million shares, making it the 9th most popular stock and the 4th largest rising stock.

Changsen Holdings was founded in 2009. Its main business is the procurement, distribution and production of plant-based agrofood ingredients, including starch products, beans and soy products, grains, and its own production and sale of food additives and fried green onions. Its own brands include Pokok Agricore, Bapas, and Cap Pokok.

Speaking at the listing ceremony this morning, Wen Wenkang, managing director of Chang Sen Holdings, said that the company plans to increase inventory at storage facilities in the Bukit Minjak, Penang and Klang areas in Selangor to acquire more new customers, thereby boosting revenue growth.

“As inventory increases, the company's sales volume will increase, and we will ensure stable product supply and timely order fulfillment.”

Changsen Holdings raised RM25.9 million during the IPO, of which RM18.93 million was used to purchase inventory, RM2.65 million purchased Klang's Bukit Minjak warehouse as a regional inventory facility, RM570,000 to recruit employees, and the remaining RM3.7 million paid for listing expenses.