GB Bond Holdings Bhd, a manufacturer specializing in water-based industrial adhesives and sealants, anticipates that its newly established factory in Penang will boost its adhesive production capacity by 30 to 35 percent. The announcement was made following the company’s listing ceremony on the ACE Market of Bursa Malaysia.

Darren Koh Chong Wooi, senior vice-president of corporate finance at Malacca Securities Sdn Bhd, noted that GB Bond’s current adhesive production facilities are running at slightly over 70 percent capacity. He expressed optimism that the company’s recent expansion into the Vietnamese market will create new business opportunities and drive demand growth over the next two to three years, increasing utilization of the enhanced capacity.

GB Bond entered the stock market at 25.5 sen per share, slightly above its initial public offering (IPO) price of 25 sen, with 19.74 million shares traded during debut day. However, by the close of trading, the stock had declined to 20.5 sen, with 71.33 million shares traded overall.

The company successfully raised RM16.08 million through its public offering. According to a statement, RM5.50 million of the proceeds will be used to lease a new 40,000-square-foot factory located near GB Bond’s Bukit Panchor headquarters in Penang, along with the acquisition of new production machinery. An additional RM0.90 million will be allocated to product formulation equipment.