PETALING JAYA: NWE Resources Group Bhd is eyeing a listing on the ACE Market of Bursa Malaysia.
The company is principally involved in the supply of health foods and personal care and related products as well as the supply of repackaged food and beverages products.
In its prospectus exposure, the company said its initial public offering (IPO) will entail the public issue of 143.15 million new ordinary shares.
KAF Investment Bank Bhd is the sponsor for the company’s IPO.
The company said proceeds from the IPO will be for product development expenditure, expansion of research and development (R&D) capabilities, marketing and promotion activities, purchase of equipment and transportation fleets and setting up a new sales office.
“As part of our business strategy, we plan to develop six new types of health food formulations using our in-house R&D capabilities and to establish the capability to manufacture them in-house at our Glenmarie facility.
“We will expand our in-house R&D team and laboratory facilities to support our strategy to develop new health food formulations.”
The company also said it plans to develop five new personal care product formulations focusing on skincare products with its in-house R&D capabilities.
“We plan to manufacture these new formulations in-house and market and sell them under our own brands through our direct selling multi-level marketing channel and / or other channels, such as through wholesalers and retailers.
