MKHOP signs underwriting agreement for Main Market IPO

KUALA LUMPUR: Oil palm plantation company MKH Oil Palm (East Kalimantan) Bhd (MKHOP) has signed an underwriting agreement with M&A Securities Sdn Bhd and Kenanga Investment Bank Bhd for its initial public offering (IPO) on the Main Market of Bursa Malaysia.

MKHOP, a wholly owned subsidiary of MKH Bhd, said its listing exercise involves a public issuance of 220 million new shares, representing 21.5% of the group’s enlarged share capital of 1.02 billion shares.

It also involves an offer for sale of 30.7 million existing shares, or 3% of the enlarged share capital, to selected investors by way of private placement, the company said in a statement yesterday.

“Of the 220 million new shares to be issued, 51.2 million new shares, representing 5% of the enlarged share capital will be open for application by the Malaysian public for balloting,” it said.

Of this, 25.6 million shares will be made available to public investors, and an equal amount will be designated for bumiputra public investors.

Meanwhile, 168.8 million new shares, or 16.5% of the enlarged share capital, will be distributed to selected investors via private placement.

M&A Securities and Kenanga Investment Bank will jointly underwrite the 51.2 million new shares made available to the Malaysian public.

MKHOP is scheduled to be listed on the Main Market by April 2024. — Bernama

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Next In Business News

FBM KLCI ends higher on stronger buying interest
Budding prospects
MRCA names Ken Phua as 10th president
The Chinese site that rewired online shopping
Bank Negara international reserves lower at US$113.4bil
Gold slips over 1% as fears of wider Middle East conflict ebb
China seen as indispensable to global supply chain
SC to introduce VC Golden Pass to streamline venture capital registration
China state fund pours US$41bil into stock market in Q1, reports show
Oil prices fall more than 1% as Iran-Israel tensions ease

Others Also Read