TSH Resources closes at 29.5 cents on first day of trading on SGX

SINGAPORE - Oil palm company TSH Resources joined the list of secondary issuers on the mainboard of the Singapore Exchange (SGX) on Tuesday.

TSH Resources saw its opening trade in the morning at 30.5 cents. The stock then changed hands between 31.5 cents and 29 cents before closing trading for the day at 29.5 cents. The day’s traded volume was 384,200 shares.

Headquartered in Malaysia, the company is involved in oil palm cultivation and the processing of fresh fruit bunches into crude palm oil and palm kernel.

Its chairman Kelvin Tan Aik Pen said the secondary listing on SGX will “facilitate a new phase of development” for the company.

“While continuing to grow our plantation portfolio, we will also be open to businesses (focused) on solar energy and decarbonisation for our 100,000ha of sustainable forestry asset,” he said.

Mr Pol de Win, senior managing director and head of global sales and origination at SGX, said that TSH Resources’ debut on SGX will allow it to “gain access to a broader and more diverse investor base”, strengthening its regional and international visibility.

The company in July announced that it was undertaking a secondary listing of its shares on SGX to expand and diversify its shareholder base and improve trading liquidity.

TSH Resources also noted that the secondary listing would provide an additional avenue for fund-raising in Singapore and could attract wider research coverage for the company.

The secondary listing does not involve any issuance of new shares.

Shares of TSH Resources that are listed on Bursa Malaysia and on SGX will be fully fungible.

The company has a market capitalisation of around RM1.38 billion ($402 million).

TSH Resources posted revenue of RM1.3 billion for the financial year ended Dec 31, 2022, according to its annual report.

This was 9.8 per cent higher than the revenue for financial year 2021, supported by growth of the palm products segment. THE BUSINESS TIMES