Johor Group Plantations aims to go public in 3Q

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.

PETALING JAYA: Johor Plantations Group Bhd (JPG) is aiming to list on the Main Market of Bursa Malaysia in the third quarter of this year.

In a statement, the upstream plantation group formerly known as Johor Plantations Bhd and wholly owned subsidiary of Kulim (M) Bhd, said its initial public offering will entail an issuance of 464 million new shares and an offer for sale of up to 411 million existing shares in the company.

The listing will involve an institutional offering of up to 797.5 million shares or 31.9% of JPG’s enlarged issued share capital, with 312.5 million shares offered to bumiputra investors approved by the Investment, Trade and Industry Ministry and 485 million shares for local and foreign institutional investors.

The retail offering of 77.5 million shares includes 50 million made available for the Malaysian public by means of balloting and 27.5 million that will be reserved for application by eligible persons who have contributed to the success of the company.

JPG’s managing director Mohd Faris Adli Shukery said the listing will enable the company better optimise both its downstream and optimise its upstream business.