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KUALA LUMPUR: Ecoscience International Bhd (Ecoscience) made its debut on the ACE Market of Bursa Malaysia today at 29 sen, a discount of one sen from its initial public offering (IPO) price of 30 sen.
At the opening bell, 1.38 million shares were traded.
The integrated palm oil milling services provider had a market capitalisation of RM98.6 million.
Business development director Thing Jin Suan said RM1 million of the proceeds of RM24.65 million will be set aside to expand the company’s environmental and energy efficiency business with the purchase and lease of non-chemical water treatment equipment for use in palm oil and other industries.
He said it is a non-chemical treatment technology that complies with environmental, social, and governance (ESG) in line with green technology and practices in the green industry.
He cited two objectives in the utilisation of proceeds for green technology -- first, the group aims to generate recurring income through, for example, the leasing programme for clients.
The second objective is to apply green technology to other commercial sectors -- for example, hotels, shopping malls, offices, and manufacturing processing plants such as for food and beverages as well as semiconductors.,
"We have already identified the application of this technology and it has been used by various sectors, which is why we have made the allocation. We would like to expand this and diversify into green industry and technology,” he told reporters after the group’s listing ceremony here today.
On the current business, Thing said the group continues to be positive based on the global consumption of crude palm oil (CPO) and CPO price movement.
He said the company’s order flow is not affected whether CPO prices rise or fall and it has not encountered any problem with supply or labour shortage.
"We are not directly impacted by palm oil prices, but if palm oil prices are high, there will probably be much more capital investment on hand for new projects,” he said.
On Ecoscience’s business projects in Gabon, Africa, Thing said based on the performance in 2021, almost 25 per cent of its revenue was contributed by Gabon.
He said since 2014, the group has built plants and facilities for its clients, so its business activity will continue to be sustained there.
"Our company’s revenue is project-based. Meantime, we are expanding in Indonesia and still have our core business operation in Malaysia.
"Definitely, we are not able to foresee whether (the Gabon business) will be a major contributor but it will contribute some because our project for our client in Gabon still continues,” he explained.