Rhone Ma Expanding Product Range In 4 Countries

KUALA LUMPUR, Dec 19 (Bernama) -- Rhone Ma Holdings Bhd, an end-to-end animal health solution provider, aims to expand its product range thereby augmenting its presence in four countries in the region, namely Vietnam, Indonesia, Thailand and the Philippines. "The expansion in the regional market is in progress," group managing director Dr Lim Ban Keong told a press conference after the company's listing on the Main Board of Bursa Malaysia (Malaysia's Stock Exchange) here Monday. He said the US$7.06 million (RM31.59 million) proceeds raised from Rhone Ma's initial public offering (IPO) exercise would be utilised to fund its expansion plans in Malaysia and overseas. (US$1 = RM4.47) "It includes the construction of a new GMP (Good Manufacturing Practice)-compliant plant in Nilai, Negeri Sembilan, purchase of machinery andequipment, as well as the construction of a new warehouse in Kapar, Klang," he added. The IPO entails a public issue of 42.12 million new ordinary shares at an issue price of 75 sen per share. Meanwhile, on the domestic market, Dr Lim said the group, which also distributes and supplies food ingredients, had targeted to increase its current market share of 5.9 per cent, strengthen its branding position and market its 300 products to a wider range of customers. "We are also a dominant player among the 80 members in the Malaysian Animal Health and Nutrition Industries Association," he said. Rhone Ma debuted at 82 sen, notching a premium of 9.33 per cent or seven sen over its issue price of 75 sen with 2.4 million shares traded. At the close of the morning session, its shares rose 13 sen to 88 sen with 34.22 million shares changing hands. -- BERNAMA