MALAYSIA, 03/04/2024 (Asia News Channels) - Johor Plantations Group Bhd (JPG) is set to enhance its market presence following the Securities Commission Malaysia's approval for its listing on the Main Market of Bursa Malaysia Securities Bhd. The company has outlined its initial public offering (IPO) strategy, revealing plans to offer up to 875 million shares. This offering will be divided into 464 million new shares under a public issue and an offer for sale of up to 411 million existing shares.
The IPO's structure is meticulously designed to cater to a broad spectrum of investors. Specifically, up to 485 million shares are allocated to Malaysian and foreign institutions, with another 312.5 million shares reserved for Bumiputera investors as sanctioned by the Ministry of Investment, Trade, and Industry. For the Malaysian public, 50 million shares will be accessible through balloting, alongside 27.5 million shares set aside for individuals who have significantly contributed to the group's success.
Under the leadership of Managing Director Mohd Faris Adli Shukery, JPG is eyeing an ambitious expansion into the downstream segment of the plantation industry. The company aims to diversify its product range to include specialty oils and fats, targeting the food production sector. This strategic shift is expected not only to solidify JPG's standing as a fully integrated oil palm producer but also to open new revenue streams along the entire value chain.
Mohd Faris expressed confidence in the move, stating, "It is also expected to generate positive shareholder value, reflecting our commitment to long-term wealth creation for our investors." He elaborated on the company's plans to allocate a portion of the IPO proceeds towards the construction of an integrated sustainable palm oil complex. This investment aims to ensure the continuity of business operations through disciplined replanting strategies.
With a strong foundation and an integrated business model, JPG is optimistic about its growth trajectory. The company remains dedicated to excellence and sustainable plantation practices, ensuring its position as a leader in the industry. Mohd Faris concluded, "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 delivering excellence while adhering to sustainable plantation practices."
-- ASIA NEWS CHANNELS