PETALING JAYA: MTAG Group Bhd opened strong for its first day of trading at 70 sen, a 32.1% premium from its offer price of 53 sen per share.
However, the stock pared down gains on profit taking activity. As at 11.14am, it was trading 0.9% premium at 53.5 sen on 205.27 million shares done, giving it a market valuation of RM364.76 million.
During the trading session, MTAG hit a low of 50 sen.
The group is involved in the business of printing and material converting, providing printing of labels and stickers and customised converting services.
MTAG said the main purpose of the listing exercise is to execute its expansion strategy.
The listing exercise raised RM72.3 million with 63.6% of the proceeds will be utilised for its new manufacturing plant and machineries.
The expansion is expected to boost its annual production of labels and stickers to 636.8 million pieces from the current capacity of 324.5 million pieces.
source https://www.thesundaily.my/business/mtag-opens-strong-on-bursa-debut-FF1403986
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