KUALA LUMPUR, Nov 13 — Community pharmacy operator Caring Pharmacy Group Bhd staged an impressive debut on Bursa Malaysia Securities Main Market today.
The counter opened at RM1.75, a 50-sen premium above its offer price of RM1.25, with 3.24 million shares changing hands in the opening session. At noon, Caring gained 63 sen to RM1.88, with 29 million shares transacted.
Alliance Reseach said at 4.0 per cent market share, Caring was one of the top three community pharmacy operators in Malaysia. The group plans to increase its 85 outlets to 120 by financial year 2016.
“We expect a three-year earnings compound annual growth rate of 19.7 per cent, underpinned by its aggressive outlet expansion plan over the next three years,” Alliance said in a research note.
Caring’s initial public offering involves the public issuance of 35 million new shares, raising the total listing proceeds to RM43.75 million. Of this, 41 per cent will go to opening new outlets, and another 27 per cent for working capital.
Caring undertakes retail sales of pharmaceutical products, including scheduled drugs, over-the-counter drugs and health supplements, and also non-pharmaceutical products such as personal care products, medical and healthcare devices, health food, confectionery, beverages, and household products. — Bernama
