KUALA LUMPUR: Johor Plantations Group Bhd (JPG) has received approval from the Securities Commission Malaysia (SC) to list on the Main Market of Bursa Malaysia Securities Bhd.
JPG said that pursuant to the listing, JPG's initial public offering (IPO) of up to 875 million shares will comprise a public issue of 464 million new shares and an offer for sale of up to 411 million existing shares.
From these 875 million shares, it said up to 485 million will be made available to Malaysians and foreign institutions, 312.5 million will be allocated to Bumiputera investors approved by the Ministry of Investment, Trade and Industry.
The remaining 50 million shares will be made available for application by the Malaysian public by way of balloting, while 27.5 million shares will be earmarked for eligible persons who have contributed to the success of the group.
JPG managing director Mohd Faris Adli Shukery said the company is poised to expand into the downstream segment of the plantation business, and diversify its product offerings to include specialty oils and fats for food production.
Mohd Faris said this strategic move will enhance our position as a fully integrated oil palm producer, and generate additional revenue across the entire value chain.
"It is also expected to generate positive shareholder value, reflecting our commitment to long-term wealth creation for our investors," he said.
According to Mohd Faris, JPG will strategically utilise part of the IPO proceeds to construct an integrated sustainable palm oil complex, while ensuring business continuity through disciplined replanting strategies.
"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," he added.
