KUALA LUMPUR, June 9 — Dolphin International Bhd (Dolphin) made its debut on the main market of Bursa Malaysia today at 77 sen, for a nine sen premium.

A total of 17.88 million shares were traded at the opening.

Dolphin issued 46 million new ordinary shares of 20 sen each at an issue price of 68 sen, each which will raise RM31.28 million in proceeds.

The public issue comprised 15 million Initial Public Offering (IPO) shares available for the Malaysian public and 8.25 million shares for the company’s group directors and employees.

Earlier, the company said it would utilise more than 50 per cent of the RM31.28 million it expects to raise from its IPO, for factory expansion and working capital.

The rest will be used to set up a research and development facility and repay bank borrowings, said Group Managing Director Eric Low Teck Yin at the launch of the company’s prospectus recently.

He said the listing would place the company in a stronger position to tap into Malaysia and Indonesia’s huge palm oil milling machinery market.

There are over 439 mills in Malaysia and about 608 in Indonesia.

Dolphin is involved in the design, development, fabrication and sale of palm oil machinery. — Bernama