Main Market-bound MKHOP to raise RM136.4mil from IPO

From left: MKHOP independent non-executive director Yahya Ariffin, executive director Emily Chen Wei Chyong, executive director Datuk Andy Lee Khee Meng, non-executive director Tan Sri Eddy Chen, chairman Tan Sri Alex Chen, M&A Securities Sdn Bhd managing director Datuk Bill Tan, Kenanga Investment Bank Bhd head of group investment banking Datuk Roslan Hj Tik and AmInvestment Bank Bhd head of ECM Syndication Freddy Kong

KUALA LUMPUR: MKH Oil Palm (East Kalimantan) Bhd (MKHOP) is set to raise RM136.4mil from its initial public offering (IPO), en route to a listing on the Main Market of Bursa Malaysia on April 30, 2024.

In a statement, the plantations firm said RM42mil of the IPO proceeds wll be used to acquire lands for oil palm plantation within the East Kalimantan province while RM9mil will be allocated for the setting up of a palm kernel crushing facility to provide the group with an additional income stream.