Cropmate Gets Bursa's Nod To List On Ace Market
KUALA LUMPUR, Sept 23 (Bernama) -- Specialty fertiliser company Cropmate Bhd has received approval from Bursa Malaysia for its ACE Market listing.
According to Cropmate’s draft prospectus for the initial public offering (IPO), it said the listing exercise would involve the public issue of 210 million new ordinary shares in Cropmate.
This represents 28.4 per cent of the enlarged number of 738.0 million issued shares, with offer for sale of 50.0 million shares, which represented 6.8 per cent of the enlarged number of 738.0 million issued shares.
“As the first pure-play fertiliser company to be listed on Bursa Malaysia, this listing represents a landmark achievement for Cropmate.
“The IPO opens doors to capital markets, providing us with the necessary resources to fuel our next phase of growth and to strengthen our leadership in the fertiliser industry,” said the company’s managing director Lee Chin Yok in a statement today.
He also said funds raised would be instrumental in supporting its strategic initiatives, particularly the upgrade of automated weighing process, setting up research and development and test laboratory, purchase of equipment and vehicles and the acquisition of factories.
Hong Leong Investment Bank Bhd is the principal adviser, sponsor, underwriter and bookrunner.
For the financial year 2023 (FY2023), Cropmate recorded a group revenue of RM151.5 million, with the formulation and blending segment as the major revenue contributor, accounting for RM112.1 million.
This represented 74.0 per cent of total revenue while the trading segment accounted for RM39.4 million representing 26.0 per cent for FY2023.
-- BERNAMA