Malaysia Smelting Corp. (5916.KU) may fall toward MYR4.50 ($1.89), a one-week low, then MYR4.30, the one-month low, compared with Wednesday’s close of MYR4.60 (down 2.1%) when it resumes trading Monday, a local dealer says, after the company says it priced its secondary listing on the Singapore Exchange’s main board at $1.75/Share, equivalent to MYR4.17, which will raise $43.75 million. 

The Malaysian tin producer plans to offer 25.0 million new shares to investors in Singapore, with 24.0 million shares being offered under private placement. 

 

The dealer says, “There will be some pressure on the stock since the issue price is at a significant discount to the last traded price.” But adds, the dual listing will help the liquidity of the stock in the longer-term, so the losses are likely to be limited.