Bursa Malaysia ACE Market sees new listings from Butterfield FB and United Asiapac

Two companies have debuted on the ACE Market of Bursa Malaysia.

Butterfield FB Berhad commenced trading at 43 sen per share, slightly below its initial public offering price of 48 sen. The company raised RM72 million through its IPO, which will be used to expand its Bukit Minyak facility in Penang, provide working capital, and fund strategic investments in the instant coffee and tea sectors. The company reported a significant increase in revenue, rising from RM97.9 million in the fiscal year ending April 2023 to RM272.1 million in the current period.

United Asiapac Energy Berhad has also listed on the ACE Market, marking the first of three Sarawak Bumiputera companies targeted for listing by 2030. Providing well intervention solutions for the upstream oil and gas industry, the listing is viewed by the Sarawak government as a milestone in expanding local Bumiputera participation in the national capital market.