ACE Market-bound Oriental Kopi inks IPO underwriting agreement with Alliance Islamic Bank


From left: Oriental Kopi executive director Sean Koay Song Leng, executive director Callie Chan Yen Min, managing director Datuk Chan Jian Chern, Alliance Islamic Bank CEO Rizal IL-Ehzan Fadil Azim, group chief corporate and institutional banking officer Teoh Chu Lin and Islamic capital markets head and senior vice-president of corporate finance Tee Kok Wah

KUALA LUMPUR: Food and beverage cafe chain operator Oriental Kopi Holdings Bhd has inked an underwriting agreement with Alliance Islamic Bank Bhd for its proposed initial public offering (IPO) en route to its listing on the ACE Market of Bursa Malaysia.

In a statement today, Oriental Kopi said that following the agreement, Alliance Islamic Bank shall underwrite 80.0 million IPO shares made available for the Malaysian public and pink form recipients.

The company stated that the IPO involves the public issuance of 418.1 million new ordinary shares, representing 20.9 per cent of the company’s enlarged issued share capital of 2.0 billion ordinary shares upon listing.

It said that out of the 418.1 million IPO shares, 60.0 million shares will be made available to the Malaysian public via balloting; 20.0 million shares to eligible directors, employees, and persons who have contributed to the group's success (under pink form allocation); and 88.1 million shares through private placement to selected investors.

"The remaining 250.0 million IPO shares will be allocated via private placement to bumiputera investors approved by the Ministry of Investment, Trade and Industry," it said.

Oriental Kopi's managing director Datuk Chan Jian Chern said the proceeds from the IPO will be utilised to establish a head office, central kitchen, and warehouse, expand cafes in several states across Malaysia, grow the packaged food segment, and support marketing activities in foreign countries.

"These initiatives will not only strengthen our brand presence but also enable us to elevate Malaysia’s culinary identity," he said.

Oriental Kopi is slated for listing by the first quarter of 2025, with Alliance Islamic Bank serving as the principal adviser, sponsor, sole underwriter, and placement agent for the IPO exercise. - Bernama

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Next In Business News

KWAP continues pursuing all avenues to maximise recovery of its investment in eFishery
Family travel reshaping romantic resorts
China assets gain ground
A guide to saving for hajj
From space rocks to smart watches
Velesto’s cancelled rig sale highlights oil volatility
Earnings hurdle for Wall Street
Tanco’s AI Port rally runs into fundamental reality
Big tech tests bond market capacity
Keeping pace with AI threats

Others Also Read