(From fourth left) Lee, Liw, and Chen alongside other directors from MYMBN and Mercury Securities during the former’s listing on the ACE Market yesterday.
KUALA LUMPUR (July 25): MYMBN Bhd debuted on the ACE Market of Bursa Malaysia yesterday at RM0.28, representing a premium of 33.3 per cent over its initial public offering (IPO) price of RM0.21 for its public issue of 98.00 million new ordinary shares.
The IPO of the company principally involved in the processing and sale of edible bird’s nests (EBN), specifically the raw unclean edible bird’s nests (RUCEBN), registered a positive start, with the 19.30 million new shares made available for application by Malaysian public being oversubscribed by 30.77 times.
Additionally, the 18.68 million shares made available for application by eligible directors and employees as well as persons who have contributed to the success of MYMBN and its subsidiaries were fully subscribed, while the 60.02 million shares made available by way of private placement to selected investors had been fully placed out.
“Today, we stand before you to celebrate a historic moment of our company. We have come a long way since when I first approached our chief executive officer, Lavernt Chen and our non-independent non-executive director, Lee Wei Kong to explore the potential of exporting RUCEBN directly to China,” said Mymbn chairman Liw Chong Liong.
“Today, we have successfully become the first bird’s nest processor to be listed on the ACE Market of Bursa Malaysia.
“In recent years, we have witnessed a significant surge in the demand for Malaysian-produced EBN, not only within our domestic market but also on a global scale, particularly in countries such as the PRC and Vietnam.
“We have thus laid out several initiatives to capitalise on this promising outlook of our industry and to grow our customer base in both the local and regional markets.”
With the RM20.58 million proceeds raised from the IPO, MYMBN will utilise RM2.80 million and RM3.20 million for the purchase of a new processing facility and for the renovation as well as the fit out works on it respectively.
The company will also invest RM1.68 million to set up three bird’s nests collection centres in East Malaysia, while RM1.25 million will be allocated for the expansion into the processing and sale of RCEBN via a pre-identified acquisition target domiciled in the PRC.
Approximately RM6.60 million of the proceeds will be utilised for the purchase of raw bird’s nests for RUCEBN, while RM2.05 million has been allocated for the company’s working capital, and the remaining RM3.00 million for listing expenses.
At the listing ceremony, Liw also thanked Bursa Malaysia for the guidance throughout the listing journey.
He also expressed a deep appreciation to Mercury Securities Sdn Bhd (Mercury Securities) and MYMBN’s group of advisors for their efforts toward the company’s listing.
He also extended his appreciation to the dedicated bird’s nest farmers and reliable suppliers for their commitment to ensuring that MYMBN has the highest quality bird’s nests and to the valued clients for their trust and support throughout the company’s corporate journey.
Mercury Securities is the principal adviser, sponsor, underwriter, and placement agent of MYMBN’s IPO.