KUALA LUMPUR: Food and beverage (F&B) and supplements manufacturer OB Holdings Bhd has obtained approval from Bursa Malaysia to list on the ACE Market.
The initial public offering (IPO) will have a public issue of 120.00 million new ordinaryshares, representing 30.64 per cent of its enlarged issued share capital of 391.63 million ordinary shares.
OB Holdings managing director Teoh Eng Sia said the company is committed to excel in providing end-to-end manufacturing services for brand owners to develop high quality fortified food and beverage (F&B) products and dietary supplements.
"Our comprehensive services cover the development of product formulations, product registration, sourcing of supplies, manufacturing and packing of products, and delivery of products to our customers' designated location.
"Over the years, we have developedmore than 900 formulations of fortified F&B and over 100 formulations of dietarysupplements.
Our products are tailored to meet the diverse needs of consumersacross various demographics and lifestyles, ensuring we adapt to consumerpreferences and responding to emerging market trends.
"This IPO Approval marks an important milestone in our history, and allows us toembark on our next phase of growth," he said.
Proceeds from the IPO will be utilised for repayment of bank borrowings, purchase of machines, product development, marketing and advertisement, and for working capital requirements which is in line with growth in business operations.
OB Holdings is slated to list on the ACEMarket in the fourth quarter of 2024. OB Holdings, through its subsidiaries, is principally involved in the manufacturing of fortified F&B and dietary supplements for third party brand owners.