Malaysian ISP debuts on NZAX market - shareprice rises
UPDATED Wednesday: Shares in Malaysian-based ISP MyKris have risen in their first 24 hours of trading.
Two trades, for a total of 25,000 shares have gone through at 28c a share, up from the company's Tuesday debut price of 25c a share.
MyKris Limited, a Malaysian based Internet Service provider has become the first stock exchange listing of the year, joining the NZAX at noon today.
It was sponsored to list by Investment Research Group (IRG) which has provided investment banking services in exchange for shares.
MrKris shares debuted at 25c each and have yet to trade. [NZAX:MYK]. Almost 60 million shares have been issued giving the company a value of $15 million.
IRG and MyKris director Brent King said on Friday (when announcing the pending listing) that MyKris has “strong profits and it is operating in fast growing economies of Singapore, Malaysia and Hong Kong”.
“There simply are not sufficient options for New Zealanders to invest in this region without using expensive structures. We hope to be able to bring other options in the future” he said.
“The past 2 years haven’t been great for listings however we expect to increase our activity in this area over the next 12 months.”
IRG shares last traded on the NZAX on December 16 at 0.06 cents each.
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Comments and questions8
A complete and utter waste of time.
Other NZAX companies are trying to get out and this turkey flies in to join?
Tells you what type of company IRG and MYK are.
Mr Brent King is associated with listing disasters like ICP and Viking Capital.
Why is the NZX allowing a listing like MYK with its 21 shareholders?
Is the NZX that desperate for listings and for the fees to compromise the integrity of the NZX?
Remember Plus SMS?
Agree with the above comments - why list a Malaysian Company on the NZSX? I can see why for IRG - $500k of fees (even if in equity) but why would you chose the NZ market over the local market - which one assumes will bettter understand the business and the risks - or perhpas that is the answer the local market does understand.
Too often we have products being sold in NZ that would never fly in local markets.
Another Mark Waldon special.
He takes many people for fools and unfortunately, he is right - including those who back him like John Key and the Wellington financial market mafia.
NZ heading down the tubes - first the banks, then the forests, then the power companies and so on ad so forth.
Probably IRG buying them off a client. $7,000 isn't much to make the IPO look good.
Someone cashing out already? D Singer is right - need to remember the likes of Plus SMS - create some PR and get the price up and the insiders sell into it.
There is no restriction on the insiders from selling - which is another warning sign.
A sells to B at 28 cents,
then A buys from C at 30 cents,
and then, C will buy back B at 32 cents etc.
This is the game that gets played when you have a market maker/regulator like NZX, wholly pre-occupied with making monopoly profits - no consideration whatsoever for the integrity of the market.
Oh, this is the market where the CEO sold a bundle of share without disclosing that NZX was fighting a case in Australia!
And the FMA? Asleep already at the wheel!
distribution of mykris shares to irg shareholders increases the number of shareholders to meet minimum requirements on NZAX
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