PETALING JAYA: Clean petroleum product (CPP) tanker operator Orkim Bhd’s shares opened flat at 92 sen, matching its initial public offering (IPO) price on its debut on the Main Market of Bursa Malaysia.

Through the issuance of 100 million new shares, Orkim raised RM92mil, of which 87% or RM80mil will be channelled towards the acquisition of two new chemical and petroleum product tankers under its fleet expansion and modernisation programme.

Another RM1.15mil or 1.2% has been allocated for working capital, while remaining RM10.85mil or 11.8% will go towards listing expenses.

The IPO marked Ekuiti Nasional Bhd’s (Ekuinas)’ divestment of its stake in Orkim.

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