New York: Integrated marine bunkering services provider TMD Energy Ltd began trading on the NYSE American under the ticker symbol ‘TMDE’, becoming the first Malaysian marine bunker supplier to list on a major US exchange. TMD Energy is Malaysia and Singapore-based and is a part of the Straits Energy Resources Bhd, a Fortune Southeast Asia 500 company listed on Bursa Malaysia’s ACE Market.
According to BERNAMA News Agency, TMD Energy said in a filing with Bursa Malaysia that its share price opened at US$3.26 on its debut. It rose to an all-time high of US$4.12 before closing at US$3.63, 11.69 percent higher than its initial public offering (IPO) price of US$3.25 per share. This gave the company a market capitalisation of US$83.85 million (RM367.2 million) on its first day as a publicly listed company.
Total gross proceeds, excluding over-allotments, before deducting underwriting discounts and other related expenses, were US$10.08 million (RM44.13 million). Proceeds from the IPO will be used for the purchase of cargo oil, defray listing expenses, working capital, and other general corporate purposes. It has given the underwriter a 45-day option to purchase up to an aggregate of 465,000 additional shares to cover over-allotments at the IPO price. If the underwriter exercises its option, the total gross proceeds before deducting underwriting discounts and other related expenses are expected to be US$11.59 million.
TMD Energy chairman Datuk Sri Ron Ho Kam Choy, who is also the executive director and chief executive officer, expressed pride in becoming the first Malaysian marine bunker supplier to achieve a listing on a major US exchange. He stated that the listing reinforces the company’s position as one of the industry’s leading players. Ho emphasized the company’s strategic location along major shipping routes, including the Malacca Straits and the South China Sea, and the resilient demand for bunker fuel in the region and globally.
Ho further added that the listing on NYSE American will enhance TMD Energy’s international profile, expand its reach, capture new markets, and deliver sustainable, higher returns to shareholders. The TMD Energy group operates in 19 ports across Malaysia with a fleet of 15 bunkering vessels, of which nine are double-bottom and double-hull vessels, possessing an average cargo-carrying capacity of 4,200 deadweight tonnage each.