From left: Affin Hwang Investment Bank Bhd CFO Ahmad Gazzara Czillich, RHB Banking Group managing director of group wholesale banking Datuk Fad'l Mohamed, RHB Investment Bank head of group capital markets & advisory Jaimie Sia Zui Keng, Johor Plantations Group managing director Mohd Faris Adli Shukery, Johor Plantations non-independent non-executive chairman Tan Sri Dr. Ismail Bakar, AmInvestment Bank Bhd deputy CEO Christopher Ng Kok Wai and CIMB Investment Bank Bhd equity capital markets & syndicate head Maznee Kamaruddin.
KUALA LUMPUR: Johor Plantations Group Bhd aims to list on the Main Market of Bursa Malaysia in the third quarter (3Q) of 2024.
Accordingly, the Johor-based upstream oil palm plantation company has signed a retail underwriting agreement with RHB Investment Bank Bhd, AmInvestment Bank Bhd, CIMB Investment Bank Bhd and Affin Hwang Investment Bank Bhd for its upcoming initial public offering (IPO).
The IPO entails a public issue of 464.0 million new shares and an offer for sale of up to 411.0 million existing shares in the company, said Johor Plantations in a statement today.
It said that of these, up to 485 million shares will be made available to Malaysians and foreign institutions, 312.5 million shares will be allocated to bumiputera investors approved by the Ministry of Investment, Trade and Industry, 50 million shares will be made available for application by the Malaysian public by way of balloting, while the remaining 27.5 million shares will be earmarked for eligible persons who have contributed to the success of the group.
"RHB Investment Bank as the managing underwriter and joint underwriter, along with AmInvestment Bank, CIMB Investment Bank and Affin Hwang Investment Bank as the joint underwriters, will jointly underwrite the entire 77.5 million IPO shares under the retail offering,” it said.
Managing director Mohd Faris Adli Shukery said the company is set to become an integrated player in the downstream segment, optimising its position within the industry.
"We believe these plans will enhance the marketability of our products, enabling them to meet the growing industrial demand for palm oil and expand into new business segments through strategic growth,” he said.
He stated the group’s goal is to produce speciality oils and fats, along with other high-value downstream palm oil products, tailored for the food industry.
"This strategy aims to strengthen our position as a fully integrated oil palm producer and allow us to capture better margins across the value chain.
"Given the exciting developments ahead, we are well positioned for further growth and eagerly anticipate the future,” he added.
According to the statement, RHB Investment Bank will act as the principal adviser, joint global coordinator, joint bookrunner, managing underwriter and joint underwriter for the IPO exercise.
AmInvestment Bank and CIMB Investment Bank are the joint global coordinators, joint bookrunners, and joint underwriters.
CLSA Singapore Pte Ltd and CLSA Securities Malaysia Sdn Bhd are the joint global coordinators and joint bookrunners, while Affin Hwang Investment Bank is the joint bookrunner and joint underwriter. - Bernama
