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 products, as well as the supply of repackaged food and beverage products.
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.
Proceeds from the IPO will be used for product development expenditure, expansion of research and development (R&D) capabilities, marketing and promotion activities, equipment and transportation fleet purchases, and the 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 establish the capability to manufacture them in-house at our Glenmarie facility,” it said.
