L&P Global inks IPO underwriting agreement with Alliance IB

BAKAP: Integrated industrial packaging solutions provider L&P Global Bhd (L&P) formerly known as Berjayapak International Holdings Sdn Bhd, has entered into an underwriting agreement with Alliance Islamic Bank Bhd (Alliance IB) in conjunction with its upcoming initial public offering (IPO) on the ACE Market of Bursa Malaysia Securities Bhd.

L&P’s IPO exercise encompasses a public issuance of 113 million new shares, representing 20.18 per cent of its enlarged share capital, as well as an offer for sale of 33.8 million existing shares, representing 6.04 per cent of the enlarged shares by way of private placement to selected investors.

Out of the 113 million new shares, 24 million shares will be made available to the Malaysian public via balloting; 13 million shares to its eligible directors, employees, and persons who have contributed to the success of the group; six million shares by way of private placement to selected investors; while the remaining portion of 70 million shares is reserved for Bumiputera investors approved by the Ministry of International Trade and Industry, which will be done via private placement as well.

Pursuant to the underwriting agreement, Alliance IB will underwrite a total of 37 million new shares made available to the Malaysian public and pink form allocations.

As an integrated industrial packaging solutions provider, L&P and its subsidiaries designs and manufactures wooden based industrial packaging products comprising boxes, crates and pallets.

With operations in Malaysia and Vietnam, the Group’s industrial packaging solutions are used by multinational corporations (MNCs) in the renewable energy, electronics and semiconductor, food, automotive, and packaging industries.