From left: MYMBN non-independent non-executive director Lee Wei Kong, non-independent executive director and CEO Lavernt Chen Vun Wo, non-independent non-executive chairman Liw Chong Liong, Mercury Securities managing director Chew Sing Guan and co-head of corporate finance Eric Chong Soo Keng
MELAKA: Bird’s nest processor Mymbn Bhd
plans to raise RM20.58 million through the public issue of 98.0 million new ordinary shares at the initial public offering (IPO) price of 21 sen per share en route to its listing on Bursa Malaysia’s ACE Market on July 25, 2023.
Its executive director and chief executive officer (CEO), Lavernt Chen, said RM8.05 million or 43.41 per cent of the proceeds would be utilised for business expansion.
"Another 32.07 per cent and 9.94 per cent have been earmarked for the purchase of raw bird’s nests for raw unclean edible bird’s nests (RUCEBN) and working capital, while the remaining 14.58 per cent will be used for IPO-related expenses,” he said during a media briefing and site visit to its factory here today.
Chen said that the allocation of the 98.0 million new shares includes up to 19.3 million shares for the Malaysian public via balloting, with at least 18.7 million shares for eligible persons and up to 60.0 million set aside for selected investors by private placement.
He said the corporate exercise entails an enlarged share base of 386.0 million new shares representing 25.4 per cent of the new total number of shares, as well as 74.6 per cent of issued shares.
"Upon listing on the ACE Market, the company aims to have a market capitalisation of RM81.1 million based on the issue price of 21 sen,” he added.
MYMBN is principally involved in the processing and selling of edible bird’s nests, specifically RUCEBN, to both local and international markets, particularly China.
It was the first Malaysian company to obtain approval for the export of RUCEBN to China.
Applications for the public issue portion are open today and will close on July 10, 2023.
The balloting will be on July 13, while the allotment will be on July 21. - Bernama
