PETALING JAYA: Specialty fertiliser maker Cropmate Bhd has received the nod from Bursa Malaysia for its listing on the ACE Market.
Based on its draft prospectus, the initial public offering (IPO) exercise will involve the public issuance of 210 million new ordinary shares in Cropmate and an offer for sale of 50 million shares.
Cropmate managing director Lee Chin Yok said the exercise will strategically position the group within the market and allow for a broader reach and impact within the local agricultural sector.
“The IPO opens doors to capital markets, providing us with the necessary resources to fuel our next phase of growth and to strengthen our leadership in the fertiliser industry,” he said in a statement.
Lee said the funds raised will be instrumental in supporting the group's strategic initiative, particularly in upgrading the automated weighing process as well as setting up research and development and test laboratories.
The funds will also be allocated towards purchasing equipment and vehicles and for the acquisition of Cropmate’s existing operational factories, namely Factory Lot 8949 and Factory Lot 8950.
