KUALA LUMPUR (July 17): Shares of Seers Bhd rose as much as one sen or 13% to nine sen during the water-heating specialist's debut on Bursa Malaysia's LEAP Market today.

At 10:23am, Seers' shares were traded at 8.5 sen, with 700,000 units transacted. 

Seers managing director Ken Foo Kwok Hsing said the company hopes to expand into the retail market for water-heating appliances in Malaysia.

“We expect the demand for our products to continue to expand, albeit at a moderate pace, driven by our sustained economic growth and consumption spending, growing population and the construction of new homes and commercial buildings,” Foo said in a statement issued in conjunction with Seers' listing ceremony here today.

According to Seers’ information memorandum, the company had earlier undertaken an excluded issue of 193,22 million new shares to selected sophisticated investors at eight sen each, in conjunction with the company's listing.