Salutica makes official debut on Bursa Malaysia

KUCHING: Salutica Bhd (Salutica) officially made its debut on the Ace Market of Bursa Malaysia Securities Bhd (Bursa Malaysia) as a public listed company.

During the listing, managing director/ chief executive officer (CEO) of Salutica, James Lim expressed, “Today (May 18) marks the fruition of months and months of hard work towards materialising this Initial Public Offering (IPO) exercise.

“Nevertheless, it is only the beginning of our journey as a publicly-owned company listed on Bursa Malaysia. We are eager to unfold opportunities for growth for the Company whilst being mindful of delivering our responsibilities as a public listed entity.”

Salutica’s IPO received favourable response, with its retail tranche of 19.4 million new shares applied by the Malaysian Public registering an oversubscription of 9.98 times.

This IPO has successfully raised for the company a gross proceeds of RM62.4 million based on the public issue of 78 million new shares. Upon listing, Salutica’s market capitalisation is approximately RM310.4 million, based on the IPO price of RM0.80 per share.

Lim added, “Moving forward, we will continue to strengthen and enhance our Research & Development (R&D) division in terms of expanding its facilities, equipment as well as workforce as we believe that this will continue to serve as a key driver of our success.

“As for our business focus, we remain concentrated on developing high value added Bluetooth products as this technology is increasingly incorporated into new applications for the use in various industries today.

“The outlook for the consumer electronics industry is positive and we believe that this will create opportunities for Salutica to maximise its potential for further growth.

Salutica, through its wholly-owned subsidiary, Salutica Allied Solutions Sdn Bhd, is a one-stop engineering solutions provider for the manufacturing of consumer electronic products in Malaysia.

The company’s industry reputation is built upon several key strengths alongside having over 25 years of history in the electronics and plastic manufacturing industry.

Salutica is led by a team of dedicated and experienced key personnel that places critical importance on R&D as the cornerstone of their long-term sustainability.

Salutica is also a licensed member of the Bluetooth Special Interest Group, which provides the company with the latest development updates in Bluetooth technology.

Coupled with its R&D focus on Bluetooth and other wireless technologies, Salutica is able to incorporate such developments into its latest Bluetooth related products, and continuously introduce new Bluetooth-enabled products to meet global markets as well as progressively secure various contracts.

RHB Investment Bank Bhd is the principal adviser, sponsor, underwriter and placement agent for Salutica’s IPO exercise.

At closing, Salutica’s shares went up to 82 sen from an initial 80 sen per share.