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GPP Resources debuts on Bursa's Leap Market at 28.5 sen

TheEdge Fri, Oct 04, 2019 12:39pm - 9 months ago

KUALA LUMPUR (Oct 4): Green energy company GPP Resources Bhd made its debut on Bursa Malaysia’s Leading Entrepreneur Accelerator Platform (LEAP) at 28.5 sen, a premium of half-a-sen from its reference price of 28 sen.

At the opening bell, the company saw 20,000 of the total 15.60 million new shares offered being transacted.

Commenting on the price, its executive director Wee Lok Hain said due to the current challenging market condition, it was a good achievement for the group to record even a slight premium at the opening bell.

“We hope that our stock prices will go up moving forward, in line with the numbers of future strategic plans that we have set for the company that will attract more people to invest,” he told reporters after the listing ceremony here, today.

The group he said will continue to develop new oil palm trunk (OPT) products to broaden its portfolio as it strives to serve a wider market.

It will also venture into the build-operate-own model, where it will operate and own biogas plants to generate electricity for the consumption of the palm oil mill and sales to the national grid.

"We aim to become a major manufacturer of a wide range of OPT products in Malaysia catering for domestic and overseas market and to become a renewable energy power producer under the feed-in tariff (FiT) mechanism introduced by Sustainable Energy Development Authority by 2021.

“We intend to apply to become a renewable energy power producer under the FiT mechanism and seek joint-venture partners within 24 months upon our listing. This will be beneficial to the future of our group as we will be able to expand our revenue stream as well as generate recurring income,” he added.

Meanwhile, the company’s executive chairman Tan Tiam Aik said the group will also continue to leverage on the growth of Malaysia’s palm oil industry to grow its renewable energy and OPT product segments, which uses organic wastes produced from the palm oil industry as feedstock and raw material for its business.

He said GPP, via its subsidiary, Green Energy Resources Sdn Bhd will develop biogas plants which use various types of biomass such as palm oil mill effluent, synthetic gas, food waste and animal manure as feedstock to produce renewable energy.

"Such development enables us to offer a wider range of products to our customers (apart from the palm oil industry) as well as to tap into a wider market, thus allowing us to further grow our business and expand our revenue system,” he added.

Related Stocks

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