Red Sena on track for listing by Dec 15

Senior management: Ang Meng (left) and Eng Guan have held key management roles in F&N.

PETALING JAYA: Red Sena Bhd, a special purpose acquisition company (SPAC) focusing on the food and beverage industry, is on-track for listing by Dec 15.

The SPAC, has signed an underwriting agreement with RHB Investment Bank Bhd, CIMB Investment Bank Bhd, Affin Hwang Investment Bank Bhd and AmInvestment Bank Bhd for a proposed initial public offering (IPO) on the Main Market of Bursa Malaysia, will have Maybank Trustees Bhd as the custodian.

Maybank Trustees will hold 92% of the gross IPO proceeds in trust.

Non-executive chairman Datuk Mu’tamir Mohamed said in a statement that the management of the SPAC is led by a group of enterprising senior management executives, professionals and entrepreneurs, including some who have helmed companies involved in the branded packaged F&B business.

He “is confident that the exercise will be completed smoothly” and is pleased to have the investment bankers’ support.

Red Sena was formed for the purpose of acquiring operating companies or assets in the branded, packaged food and beverage business.

Red Sena’s chief executive officer, Joseph Tan Eng Guan and chief strategy officer, Datuk Tan Ang Meng, had held key management roles in Fraser & Neave (F&N) Holdings Bhd.

While Ismail Abd Halim, chief financial officer and Tan Sri Richard Koh Kin Lip, corporate development director, through their directorships in Khong Guan Enterprise Sdn Bhd and Cocoaland Holdings Bhd, respectively, are also experienced with the Branded Packaged F&B business, the statement said.

The company will proceed with its IPO of 800 million new shares together with one free detachable warrant issued for each public issue share subscribed.

The statement said that the retail portion that represented 10% of the remaining IPO shares is being underwritten while the remainder have been placed out.

Red Sena has no operations or income-generating business and is undertaking the IPO to raise funds for the purpose of acquiring a branded packaged F&B business, otherwise known as a qualifying acquisition.

Typical examples of products that fall within the scope of the branded packaged F&B business include dairy products, fruit juices, beverages, biscuits, cereals, confectionery items, canned foods and cooking ingredients which are packed in containers, sold under a recognised brand name, and are ready to be consumed or ready to be cooked.

The scope of branded packaged F&B business activities excludes the operations of restaurants, cafés and food outlets.