PETALING JAYA: Specialty fertiliser maker Cropmate Bhd has received the nod from Bursa Malaysia for its listing on the ACE Market.
Based on its draft prospectus, the initial public offering (IPO) exercise will involve the public issuance of 210 million new ordinary shares in Cropmate and an offer for sale of 50 million shares.
Cropmate managing director Lee Chin Yok said the exercise will strategically position the group within the market and allow for a broader reach and impact within the local agricultural sector.
“The IPO opens doors to capital markets, providing us with the necessary resources to fuel our next phase of growth and to strengthen our leadership in the fertiliser industry,” he said in a statement.
Lee said the funds raised will be instrumental in upgrading the automated weighing process.
