Packaging specialist HPP clinches approval to proceed with IPO

KUALA LUMPUR: Offset packaging printing specialist HPP Holdings Bhd has clinched Bursa Malaysia Securities Bhd’s approval to proceed with its Initial Public Offering (IPO) in conjunction with its listing on the ACE Market of Bursa Malaysia.

In a statement, the group said the IPO comprises a total of 108.66 million shares, wherein 19.42 million shares will be made available to the public and 30 million shares will be set aside for eligible directors, employees and business associates.

Meanwhile, 19.82 million shares will be offered via private placement to selected investors and the remaining 39.42 million shares for Bumiputera investors approved by the Ministry of International Trade and Industry.

“HPP Holdings has also inked an underwriting agreement with its sole underwriter, Affin Hwang Investment Bank Bhd in preparation for its listing on the ACE Market,” it said.

HPP Holdings and its subsidiaries, the Hayan Group, specialise in full colour offset printing and production of paper-based packaging across various industries.

“Hayan Group also produces and trades rigid boxes. Its clients span across key industries such as consumer electrical and electronics, food and beverages, sheath contraceptive and pharmaceuticals,” it added.

Managing director Kok Hon Seng said that owing to recent changes in landscape, more international corporations may be relocating their manufacturing facilities from China to Malaysia.

“This will create further opportunities for us as the manufacturing sector is one of the most important end-users of packaging printing.