Malaysia-listed TSH Resources closes at S$0.295 on SGX debut
OIL palm plantation company TSH Resources joined the list of secondary issuers on the mainboard of the Singapore Exchange (SGX) on Tuesday (Sep 26), closing the day at S$0.295.
The company – which is primary listed on the Bursa Malaysia main market – opened at S$0.305, and the shares traded between S$0.315 and S$0.290 during the trading day, with some 384,200 shares worth S$120,000 changing hands.
TSH Resources shares in Kuala Lumpur had closed at RM1 or S$0.2918 on Monday, before it made its SGX debut.
Headquartered in Malaysia, the company engages in oil palm cultivation and processing of fresh fruit bunches into crude palm oil and palm kernel.
Its chairman, Kelvin Tan Aik Pen, said the secondary listing on SGX will “facilitate a new phase of development” for the company.
“While continuing to grow our plantation portfolio, we will also be open to businesses on solar energy and decarbonisation for our 100,000 ha of sustainable forestry asset,” he said.
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Pol de Win, senior managing director and head of global sales and origination at SGX, said that TSH Resources’ debut on the SGX will allow it to “gain access to a broader and more diverse investor base”, strengthening its regional and international visibility.
The company in July announced that it was undertaking a secondary listing of its shares on the SGX to expand and diversify its shareholder base and improve trading liquidity.
The company also noted that the secondary listing would provide an additional avenue for fundraising in Singapore and could attract wider research coverage for the company. The secondary listing does not involve any issuance of new shares.
Shares of TSH Resources that are listed on Bursa Malaysia and on the SGX will be fully fungible. The company has a market capitalisation of around RM1.38 billion (S$401.5 million).
TSH Resources posted revenue of RM1.3 billion for the financial year ended Dec 31, 2022, its annual report indicated. This was 9.8 per cent higher than revenue for FY2021, supported by revenue growth of the palm products segment.
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