Malaysian wood product company Cymao Holdings Bhd has seen its public offering of nine million shares oversubscribed by 68.83 times.
The Malaysian timber sector generally is reported to be upbeat, with prices rising between 7-15% since February this year.
Cymao, which exports 80% of its products to the US, Japan, South Korea, Japan, the UK and Singapore, aims to increase its exports to Europe and West Asia to 10% this year – they currently stand at 3% and 5% respectively.
The company has forecast net profits of M$20.7m on the back of a turnover of M$189.3m for the financial period ending December 31, 2004.
