KUALA LUMPUR: Johor Plantations Group Bhd (JPG) has obtained approval from the Securities Commission (SC) to be listed on the Main Market of Bursa Malaysia.
The upstream oil palm plantation company said its initial public offering (IPO) involving up to 875 million shares will comprise a public issue of 464 million new shares and an offer for sale of up to 411 million existing shares.
In a statement yesterday, it said, of the 875 million shares, up to 485 million will be made available to Malaysians and foreign institutions, while 312.5 million shares will be allocated to bumiputra investors approved by the Investment, Trade and Industry Ministry.
Another 50 million shares will be made available for application by the Malaysian public by way of balloting while the remaining 27.5 million shares will be earmarked for eligible persons who have contributed to the success of the JPG group.
JPG managing director Mohd Faris Adli Shukery said, with the recent approval for its listing exercise, the company is poised to expand into the downstream segment of the plantation business and diversify its product offerings to include specialty oils and fats for food production.
He added that this strategic move would enhance its position as a fully integrated oil palm producer and generate additional revenue across the entire value chain as well as generate positive shareholder value, reflecting its commitment to long-term wealth creation for its investors. — Bernama