Malaysia steelmaker Perwaja stock debuts lower

KUALA LUMPUR, Aug 20 (Reuters) - Shares of Malaysian steelmaker Perwaja Holdings (PWJH.KL) opened lower than their offer price on their debut on Bursa Malaysia on Wednesday at 2.70 ringgit a share.

The company had a market capitalisation of 1.6 billion ringgit ($480.2 million) based on its offer price of 2.90 ringgit in a initial offering, the largest this year in Malaysia, according to the company.

Its steel making plant, located in Kemaman, Terengganu, has a capacity of producing 1.5 million tonnes of steel annually.

(Reporting by David Chance, editing by Jalil Hamid)