Farm Price signs underwriting deal with Alliance Islamic Bank for IPO

From left: Shirley Liew Tsuey Er, executive director of Farm Price; Lawrence Tiong Lee Chian, managing director; Rizal IL-Ehzan Fadil Azim, CEO of Alliance Islamic Bank; Tee Kok Wah, senior vice-president, head of corporate finance of Alliance Islamic Bank.

KUALA LUMPUR: Farm Price Holdings Bhd has entered into an underwriting agreement with Alliance Islamic Bank Bhd in conjunction with its initial public offering (IPO) on the ACE Market of Bursa Malaysia.

In a statement, the Johor-based wholesaler and retailer of fresh vegetables, food and beverage products and other groceries said the IPO exercise comprises a public issuance of 102 million new ordinary shares, representing 22.67% of its enlarged share capital, as well as an offer for sale of 33 million existing shares, or 7.33% of its enlarged share capital, via private placement to selected investors.