ACN Newswire

2024-10-15 19:20

Cropmate Berhad Signs Underwriting Agreement with Hong Leong Investment Bank

KUALA LUMPUR, Oct 15, 2024 - (ACN Newswire) - Cropmate Berhad (“Cropmate” or the “Company”), one of the key players in the fertiliser industry in Malaysia, is pleased to announce that it has signed an underwriting agreement with Hong Leong Investment Bank Berhad (“HLIB”) for its upcoming initial public offering (“IPO”) on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Securities”).

Mr. Lee Cheng Seng, Executive Director of Cropmate Berhad; Mr. Lee Chin Yok, Managing Director of Cropmate Berhad; Ms. Lee Jim Leng,Group Managing Director/Chief Executive Officer of Hong Leong Investment Bank Berhad; Mr. Lee Cheng Fei, Executive Director of Cropmate Berhad[L-R]
Mr. Lee Cheng Seng, Executive Director of Cropmate Berhad; Mr. Lee Chin Yok, Managing Director of Cropmate Berhad; Ms. Lee Jim Leng,Group Managing Director/Chief Executive Officer of Hong Leong Investment Bank Berhad; Mr. Lee Cheng Fei, Executive Director of Cropmate Berhad[L-R]

The IPO exercise, as outlined in the Company’s draft prospectus, will involve the public issue of 210.0 million new ordinary shares in Cropmate, representing 28.4% of the enlarged issued share capital, with offer for sale of 50.0 million existing shares, representing 6.8% of the enlarged issued share capital of 738.0 million ordinary shares.

The allocation of the IPO shares will be offered as follows: -

1. Institutional offering of approximately 208.34 million IPO Shares, representing 28.2% of the enlarged issued share capital:

a. 92.25 million IPO shares reserved for Bumiputera investors approved by the Ministry of Investment, Trade and Industry (“MITI”), including 42.25 million new ordinary shares and 50.00 million existing shares;

b. 116.09 million IPO shares allocated to other institutional and selected investors.

2. Retail offering of 51.66 million IPO shares, representing 7.0% of the enlarged issued share capital:

a. 36.90 million IPO shares for application by the Malaysian public via balloting, equally allocated between Bumiputera (representing 2.5% of the enlarged issued share capital) and non-Bumiputera (representing 2.5% of the enlarged issued share capital) investors.

b. 14.76 million IPO shares reserved for application by eligible directors, eligible employees, and persons who have contributed to the success of the Company.

HLIB will act as the Principal Adviser, Sponsor, Underwriter, and Bookrunner, and will underwrite the entire 51.66 million IPO shares offered under the retail offering of the IPO.

Managing Director of Cropmate Berhad, Mr. Lee Chin Yok, commented, “This IPO marks a key milestone in Cropmate’s journey, as we are the first-ever pure-play fertiliser company to be listed on Bursa Malaysia. Partnering with HLIB will help us solidify our market position as an established fertiliser manufacturer in Malaysia. The funds raised will be used to fund our working capital requirements in tandem with our production activities as our business grow, particularly under our specialty fertiliser segment to meet the needs of orchard operators, especially within the growing durian market. These resources will also support upgrades to our production facilities and the establishment of a research and development laboratory to enhance innovation.”

He also added, “The funds will play a pivotal role in helping us expand our manufacturing capabilities, ensuring that we can continue to supply the market with high-quality fertilisers and maintain our establishment in the agricultural sector.”

Group Managing Director/Chief Executive Officer of HLIB, Ms. Lee Jim Leng said: "We are pleased to have played a key role in Cropmate Berhad’s IPO journey. We strongly believe that Cropmate’s listing status will, without doubt, boost its branding and company profile amongst the plantation and orchard owners both in Malaysia and in the region. We are confident that this listing will be a significant step forward for the Company.

The listing of Cropmate on Bursa Securities will also provide a robust platform for the company to embark on its next phase of growth and aligns its long-term vision to solidify its position in fertiliser industry.

Issued By: Swan Consultancy Sdn. Bhd. on behalf of Cropmate Berhad

For more information, please contact:
Jazzmin Wan
Email: j.wan@swanconsultancy.biz

William Yeo
Email: w.yeo@swanconsultancy.biz



Copyright 2024 ACN Newswire. All rights reserved. www.acnnewswire.com

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