(File pix) Eversafe Rubber Bhd (Eversafe), an investment holding company involved in developing, manufacturing and distributing tyre re-treading materials and tyre re-treading operations, officially commenced trading on the ACE Market today. Reuters Photo

KUALA LUMPUR: Eversafe Rubber Bhd (Eversafe), an investment holding company involved in developing, manufacturing and distributing tyre re-treading materials and tyre re-treading operations, officially commenced trading on the ACE Market today.

Its executive director and chief executive officer, Cheah Siang Tee, said: "With this listing, we intend to continue strengthening the company's financial position and create value for our brand globally, in order to benefit our worthy shareholders."

Eversafe began trading under the name ‘ESAFE’ and stock code ‘0190’ on the Bursa Malaysia Securities Bhd (Bursa Securities) at 9am, with a 10 sen premium at RM0.46 over its issued price of RM0.36.

The IPO proceeds raised, amounting to RM17.28 million, will be used predominantly for new manufacturing lines and enhanced automation systems (72.8 per cent), to establish Intellectual Property Rights and overseas branding initiatives (8.7 per cent), as well as defrayment of listing expenses (18.5 per cent).

The company said it aims to continue manufacturing top-notch quality products and bolstering its stature in the tyre re-treading industry.

Based on the issue price of RM0.36 per share, and the enlarged issued and paid-up share capital of RM240.59 million, Eversafe will have a market capitalisation of RM86.61 million.

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