Sik Cheong to expand vegetable oils business post-IPO

From left: Sik Cheong executive director Wong Hin Loong, managing director Wong Hing Ngiap, independent non-executive chairman Abdul Razak Haji Ipap, TA Securities Holdings Bhd executive director of operations Tah Heong Beng and head of corporate finance Dominic Seah.

PETALING JAYA: Sik Cheong Bhd aims to raise RM17.8mil via an initial public offering (IPO) exercise on the ACE Market of Bursa Malaysia with the money meant for expansion of its operations.

The refined, bleached and deodorised (RBD) palm olein repackaging firm’s IPO entails a public issuance of 66 million new ordinary shares as well as an offer for sale of 20 million shares by existing shareholders, priced at 27 sen per share.