KUALA LUMPUR: Supreme Consolidated Resources Bhd
which is transferring its listing from the LEAP Market to the ACE Market of Bursa Malaysia, aims to raise RM17.5mil through the initial public offering (IPO).
Priced at 25 sen per share, the exercise is scheduled for Nov 29.
The Sarawak-based fast-moving consumer goods company provides market access and coverage for consumer products in Sarawak and Sabah, focusing on distributing both third-party brands and its own frozen and chilled food products, ambient food and beverages (F&B), and non-F&B products.
Non-independent executive chairman Datuk Richard Wee Liang Chiat said RM11mil or 62.86% of the IPO proceeds will fund warehouse facility expansion and RM4mil will be allocated for working capital.
Wee said the company operates two distribution centres in Kuching and Miri, equipped with warehousing facilities and cold storage facilities, with capacities of 2,600 pallets and 680 pallets respectively, to support the storage and distribution of various types of consumer products. — Bernama
