KUALA LUMPUR, OCTOBER 24 – Cropmate Berhad, a prominent player in Malaysia’s fertiliser industry, has officially partnered with Hong Leong Investment Bank Berhad (HLIB) by signing an underwriting agreement in anticipation of its initial public offering (IPO) on the ACE Market of Bursa Malaysia Securities Berhad.
The IPO will involve the issuance of 210 million new ordinary shares, representing 28.4% of the enlarged issued share capital, along with an offer for sale of 50 million existing shares, which accounts for 6.8% of the total 738 million ordinary shares. The share allocation strategy includes an institutional offering of approximately 208.34 million shares, with 92.25 million shares reserved for Bumiputera investors approved by the Ministry of Investment, Trade and Industry, and 116.09 million shares allocated to other institutional and selected investors.
Additionally, retail investors will have access to 51.66 million shares, with 36.90 million shares available for the Malaysian public through a balloting process and 14.76 million shares reserved for eligible directors and employees. Mr. Lee Chin Yok, Managing Director of Cropmate Berhad, expressed optimism about the IPO’s potential to enhance production capabilities and drive research and development efforts in the specialty fertiliser segment.
