Focus Lumber debuts at 85 sen

The managing director is optimistic that continuous demand for plywood in the global market will drive the company's growth

KUALA LUMPUR: Focus Lumber Bhd, manufacturer of Sabah-based plywood, veneer and laminated veneer lumber, yesterday made a debut on the ACE Market of Bursa Malaysia at 85 sen, for a premium of 25 sen, over its issue price of 60 sen per share.

A total of 230,000 shares exchanged hands at the opening bell.

Obviously elated at the opening price, managing director Lin Fong Ming said: "We just hope it will sustain and maybe even move up higher."

He was optimistic that continuous demand for plywood in the global market would drive the company's growth.

"Focus Lumber's extensive experience in the production of quality plywood and access to a ready supply of timber species excellent for plywood manufacturing has allowed the company to maintain its competitiveness," Lin told reporters after the company's listing on Bursa Malaysia.

The company, which offered 12.2 million ordinary shares at 60 sen each for public subscription, is confident the market potential is enormous and waiting to be tapped.

"The future of the wood-based industry, in particular plywood, continued to be bright as the demand remained strong in the global market due to its widespread usage in various applications and industries," he added.

The counter finished the morning session at RM1.04 sen per share, up 44 sen over its debut price of 60 sen, with 26.065 million shares exchanging hands. - Bernama