Monday, 23rd February 2004 (6925 views)

Malaysian jeweller Poh Kong Holdings Bhd's public issue has been oversubscribed 69.85 times.

Under the public issue, three million shares were made available for application by the Malaysian public, with demand proving insatiable.

The scheme has attracted 67,847 applications for 212.552 million shares with a value of RM341 million (£48.3 million).

Poh Kong Holdings, a holding company for Poh Kong jewellers which is the largest retail chain of gold and jewellery in Malaysia, will be listed on the Malaysia Securities Exchange Bhd (MSEB) on March 9th.

Group director Ermin Siow said the group was quite optimistic of registering a good premium upon listing, due to the current upturn in the gold jewellery industry.

“Despite the price of gold which is at a 15-year high due to a weaker U.S. dollar, we are confident that demand will continue to be on the high side backed by higher consumer spending and confidence on the economy,” Mr Siow said.

Poh Kong's local market share currently stands at more than 16 per cent and the company plans to establish seven additional retail outlets by 2005.

 

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