Cropmate seeks to raise RM42mil to buy factories

Hong Leong Investment Bank Bhd group managing director/chief executive officer Lee Jim Leng (left) and Cropmate Bhd managing director Lee Chin Yok.

PETALING JAYA: ACE Market-bound fertiliser manufacturing company, Cropmate Bhd, aims to raise RM42mil through the issuance of 210 million new shares at an initial public offering (IPO) price of 20 sen apiece.

According to a statement, the company will be allocating RM17.1mil of its IPO proceeds to working capital to support the group’s growing operations and RM16.7mil to partly finance the purchase of two factories – where Cropmate’s operations are located.