Agricore managing director Oon Boon Khong.
KUALA LUMPUR: Agricore CS Holdings Bhd has received approval from Bursa Malaysia to list on the ACE Market.
In a statement, the food ingredients supplier said the initial public offering (IPO) entails the issuance of 51.7 million new shares, representing 25.5% of the enlarged share capital upon listing.
Of the new shares, 10.1 million new shares will be available to the Malaysian public via balloting and 10.1 million new shares will go to its eligible directors, employees and persons who have contributed to the success of Agricore group under pink form allocations.
Meanwhile, 25.4 million new shares have been reserved for private placement to bumiputra investors approved by the International Trade and Industry Ministry while the remaining 6.1 million new shares are earmarked for private placement to selected investors.
Agricore managing director Oon Boon Khong said the approval for the listing is a significant milestone in the company’s journey to become a listed entity.
“The IPO will facilitate Agricore group with greater financial flexibility to pursue future growth opportunities and enhance our group’s reputation in the marketing of our products, and to retain and attract new employees,” he added.
Agricore is principally involved in the sourcing and distribution of plant-based agricultural food ingredients as well as production and sale of food additives and fried shallots.
It is scheduled to list on the ACE Market of Bursa Malaysia by June 2024.
M&A Securities Sdn Bhd is the adviser, sponsor, underwriter and placement agent for the IPO exercise.
