PETALING JAYA: L&P Global Bhd, formerly Berjayapak International Holdings Sdn Bhd, will undertake an initial public offering (IPO) on the ACE Market of Bursa Malaysia to fund its expansion plans.
L&P’s IPO exercise encompasses a public issuance of 113 million new shares, representing 20.18% of its enlarged share capital, as well as an offer for sale of 33.8 million existing shares, representing 6.04% of the enlarged shares by way of private placement to selected investors, the company stated in a release yesterday.
Out of the 113 million new shares, 24 million shares will be offered to the public via balloting while 13 million shares to its eligible directors, employees, and persons who have contributed to the success of the integrated industrial packaging solutions provider.
Six million shares will be sold by way of private placement to selected investors and the remaining 70 million shares will be reserved for placement to bumiputra investors approved by the International Trade and Industry Ministry.
Alliance Islamic Bank Bhd has agreed to underwrite a total of 37 million new shares made available to the public and pink form allocations.
L&P and its subsidiaries design and manufacture wood-based industrial packaging products such as boxes, crates and pallets.
The company has operations in Malaysia and Vietnam and its industrial packaging solutions are used by multinational corporations in the renewable energy, electronics and semiconductor, food, automotive and packaging industries.
“With the funds raised from the IPO, we can scale up our operations and increase production output to meet the rising demand for industrial packaging products,” L&P executive director-cum-chief executive officer Ooi Lay Pheng said.
Barring any unforeseen circumstances, L&P is scheduled to launch its prospectus in December and to be listed on the ACE Market of Bursa Securities by January.
Alliance Islamic Bank is the principal adviser, sponsor, joint placement agent and sole underwriter.