Johor Plantations gets SC nod to list on Main Market

KUALA LUMPUR: Johor Plantations Group Bhd (JPG) has obtained approval from the Securities Commission Malaysia (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 875.0 million shares will comprise a public issue of 464.0 million new shares and an offer for sale of up to 411.0 million existing shares.

In a statement yesterday, it said of the 875.0 million shares, up to 485.0 million shares will be made available to Malaysians and foreign institutions, while 312.5 million shares will be allocated to Bumiputera investors approved by the Ministry of Investment, Trade and Industry.

Another 50.0 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 speciality 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 the investors.

“With this in mind, we will strategically utilise part of our IPO proceeds to construct an integrated sustainable palm oil complex while ensuring business continuity through disciplined replanting strategies.

“Given our reputable track record and established integrated business model, we are confident in our future growth trajectory and will remain steadfast in our commitment to deliver excellence while adhering to sustainable plantation practices,” Mohd Faris said in the statement.

RHB Investment Bank Bhd is the principal adviser, joint global coordinator, joint bookrunner, managing underwriter, and joint underwriter for this IPO exercise.

Meanwhile, AmInvestment Bank Bhd and CIMB Investment Bank Bhd are the joint global coordinators, joint bookrunners and joint underwriters; CLSA Singapore Pte Ltd and CLSA Securities Malaysia Sdn Bhd are the joint global coordinators and joint bookrunners; while Affin Hwang Investment Bank Bhd is the joint bookrunner and joint underwriter. — Bernama*