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

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