KUALA LUMPUR: Food ingredients supplier Agricore CS Holdings Bhd (Agricore) has obtained approval from Bursa Malaysia Securities Bhd to list on the ACE Market of Bursa Securities.
The initial public offering (IPO) will involve the issuance of 51.7 million new shares, representing 25.5 per cent of its enlarged share capital upon listing.
Of the 51.7 million new shares, 10.1 million will be available to the Malaysian public via balloting; 10.1 million for eligible Directors, employees, and contributors to Agricore Group under pink form allocations; 25.4 million have been reserved for private placement to Bumiputera investors approved by the Ministry of International Trade and Industry (MITI), while the remaining 6.1 million are earmarked for private placement to selected investors.
Agricore is scheduled to list on the ACE Market of Bursa Securities by June 2024.
Agricore Group is primarily involved in sourcing and distributing plant-based agricultural food ingredients, as well as the production and sale of food additives and fried shallots.
In a statement today, Agricore managing director, Oon Boon Khong said that the approval for the listing marks a significant milestone in the company's journey towards becoming a listed entity.
"The IPO will provide Agricore Group with greater financial flexibility to pursue future growth opportunities, enhance our product marketing, and retain and attract new talent," he added.
M & A Securities Sdn Bhd serves as the adviser, sponsor, underwriter, and placement agent for the IPO exercise.-ends-