L&P Global goes for IPO to scale up operations, aims for listing in January 2023

28/11/2022 05:17 PM

KUALA LUMPUR, Nov 28 (Bernama) --  Integrated industrial packaging solutions provider L&P Global Bhd has entered into an underwriting agreement with Alliance Islamic Bank Bhd for its upcoming initial public offering (IPO) on the ACE Market of Bursa Malaysia, tentatively slated for January 2023.

L&P Global Bhd was formerly known as Berjayapak International Holdings Sdn Bhd.

“With the funds raised from the IPO, we can scale up our operations and increase production output to meet the rising demand for industrial packaging products,” L&P executive director-cum-chief executive officer Ooi Lay Pheng said in a statement.

L&P said its IPO exercise encompasses a public issuance of 113 million new shares, representing 20.18 per cent of its enlarged share capital, as well as an offer for sale of 33.8 million existing shares, representing 6.04 per cent of the enlarged shares by way of a private placement to selected investors.

Out of the 113. million new shares, 24.0 million shares will be made available to the Malaysian public via balloting; 13.0 million shares to its eligible directors, employees, and persons who have contributed to the success of the group (pink form allocations) and six million shares by way of a private placement to selected investors.

The remaining portion of 70 million shares is reserved for Bumiputera investors approved by the Ministry of International Trade and Industry (MITI), which will be done via private placement as well.

Pursuant to the underwriting agreement, AIS will underwrite a total of 37.0 million new shares made available to the Malaysian public and pink form allocations, it said in the same statement.

As an integrated industrial packaging solutions provider, L&P and its subsidiaries design and manufactures wooden-based industrial packaging products comprising boxes, crates, and pallets.

With operations in Malaysia and Vietnam, the group’s industrial packaging solutions are used by multinational corporations (MNCs) in the renewable energy, electronics and semiconductor, food, automotive, and packaging industries.

“Leveraging on our long-established working relationships with MNCs and quality products that meet international standards for global supply chain needs, we are in a strong position to benefit from the growth in manufacturing activities in Malaysia and Vietnam.

“Both countries have benefitted from the relocation and setting up of manufacturing facilities by MNCs outside of China due to the ongoing US-China trade war,” Ooi said.

“Wooden industrial packaging products will continue to be the preferred choice when transporting goods across the supply chain due to their higher strength durability and lower up-front costs. Furthermore, it is environmentally friendly as it is biodegradable and can be recycled, repaired, and reused more than once, thus extending its useful lifespan,” she added.

L&P is scheduled to launch its prospectus in December 2022 and be listed on the ACE Market of Bursa Securities by January 2023, with Alliance Islamic Bank as the principal adviser, sponsor, joint placement agent and sole underwriter.




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