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Solid Automotive looking at local, overseas expansion
by Cals Fri 13 Sep 2013, 10:32
Solid Automotive looking at local, overseas expansion
Business & Markets 2013
Written by Jeffrey Tan of theedgemalaysia.com
Friday, 13 September 2013 10:20
KUALA LUMPUR: Newly-listed Solid Automotive Bhd, an automotive parts trading company, is looking into the expansion of its operations locally and abroad.
Executive director and chief financial officer Ong Kheng Swee said Solid Automotive will strengthen its supply chain by setting up an office in Shanghai, China.
“Currently, we are targeting emerging markets and have been exporting to the Philippines, Mexico, Brazil and Egypt.
“Exports, which make up 40% of our target markets, are focused mainly on countries in the Middle East and South America,” he told reporters at the company’s listing ceremony yesterday.
On the depreciating ringgit against the US dollar, Ong said foreign exchange fluctuations will always have an impact on the company.
“The US dollar had strengthened by an estimated 7% in the first quarter, and thus affected our performance in the quarter,” he said.
Solid Automotive chairman Chee Ho Chun said its debut on the Main Market of Bursa Malaysia marks a new day and responsibility for the company.
The stock opened at 60 sen, four sen above its offer price of 56 sen. A total of 4.84 million shares changed hands.
The shares rose by as much as 6.5 sen or 12% to 62.5 sen during the morning trade. At the close yesterday, the stock settled at 64 sen with some 110.61 million shares done, making it the most active counter.
Solid Automotive has raised RM19.8 million from its IPO. The company will use RM12 million of the proceeds for capital expenditure (capex) and RM5.3 million for working capital. A total of RM2.5 million was allocated for listing expenses.
Of the RM12 million capex, about RM9 million will be utilised to acquire a piece of vacant land in Johor Baru.
Solid Automotive plans to construct an integrated operations complex on the site. The complex will house its corporate office, warehouse, as well as production, repacking and packaging facilities.
The remaining RM3 million will be used for the CONSTRUCTION [] of a new sales office and warehouse in Kuala Lumpur.
This article first appeared in The Edge Financial Daily, on September 13, 2013.
Business & Markets 2013
Written by Jeffrey Tan of theedgemalaysia.com
Friday, 13 September 2013 10:20
KUALA LUMPUR: Newly-listed Solid Automotive Bhd, an automotive parts trading company, is looking into the expansion of its operations locally and abroad.
Executive director and chief financial officer Ong Kheng Swee said Solid Automotive will strengthen its supply chain by setting up an office in Shanghai, China.
“Currently, we are targeting emerging markets and have been exporting to the Philippines, Mexico, Brazil and Egypt.
“Exports, which make up 40% of our target markets, are focused mainly on countries in the Middle East and South America,” he told reporters at the company’s listing ceremony yesterday.
On the depreciating ringgit against the US dollar, Ong said foreign exchange fluctuations will always have an impact on the company.
“The US dollar had strengthened by an estimated 7% in the first quarter, and thus affected our performance in the quarter,” he said.
Solid Automotive chairman Chee Ho Chun said its debut on the Main Market of Bursa Malaysia marks a new day and responsibility for the company.
The stock opened at 60 sen, four sen above its offer price of 56 sen. A total of 4.84 million shares changed hands.
The shares rose by as much as 6.5 sen or 12% to 62.5 sen during the morning trade. At the close yesterday, the stock settled at 64 sen with some 110.61 million shares done, making it the most active counter.
Solid Automotive has raised RM19.8 million from its IPO. The company will use RM12 million of the proceeds for capital expenditure (capex) and RM5.3 million for working capital. A total of RM2.5 million was allocated for listing expenses.
Of the RM12 million capex, about RM9 million will be utilised to acquire a piece of vacant land in Johor Baru.
Solid Automotive plans to construct an integrated operations complex on the site. The complex will house its corporate office, warehouse, as well as production, repacking and packaging facilities.
The remaining RM3 million will be used for the CONSTRUCTION [] of a new sales office and warehouse in Kuala Lumpur.
This article first appeared in The Edge Financial Daily, on September 13, 2013.
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