Sabah-based Jawala debuts on SGX Catalist
SINGAPORE: Sabah- based Jawala Inc ( Jawala) has commenced the trading of its shares on the Catalist Board of the Singapore Exchange Securities Trading Ltd (SGX-ST) under the code IJ7.SI, making it the first Malaysian sustainable forest resource company to successfully list in Singapore.
We are very pleased with our successful listing and the robust trading activity on the SGX-ST Catalist.
Datuk Jema Khan, Jawala executive chairman and chief executive officer
Jawala’s shares opened last Friday, at S$0.265 per share, six per cent above issue price of S$0.25 per share. It reached an intraday high of S$0.275 and closed at S$0.260 per share, four per cent above issue price. A total of 4.5 million shares were traded.
The group’s market capitalisation at closing was approximately S$ 30.8 million, based on post-placement share capital of 118.474 million issued and paid-up shares.
As at the close of the application list, Jawala received valid applications from investors amounting to approximately 7.396 million Offer Shares, valued at a total of approximately S$1.85 million. The Offer tranche was 18.5 times subscribed.
The IPO raised gross proceeds of approximately S$4.5 million. Excluding listing expenses, the proceeds will be used to develop the Group’s plantation site and for working capital.
In a press statement, Jawala executive chairman and chief executive officer Datuk Jema Khan commented: “We are very pleased with our successful listing and the robust trading activity on the SGX-ST Catalist.
“The completion of our IPO marks a major milestone for us in our regional growth as we work towards our ultimate goal of becoming one of Asia’s leading suppliers of certified sustainable timber.
“We thank all our investors for their support and interest in Jawala, and will continue to pursue excellence as we bring our group to greater heights.”
UOB Kay Hian Private Ltd (UOB Kay Hian) is the sole sponsor, issue manager, underwriter and placement agent for the IPO.
Jawala is authorised by the Sabah Government to process, convert and sell timber. It sells logs and timber from salvage logging within the Licensed Area to customers for the production of sawn timber, veneer and plywood, among others.
It expects growth to be underpinned by strong demand for certified sustainable timber from China, Japan and India, especially amid increasing international awareness of sustainability.