L&P Global Berhad, formerly known as Berjayapak International Holdings Sdn Bhd, has entered into an underwriting agreement with Alliance Islamic Bank Berhad in conjunction with its upcoming initial public offering on the ACE Market of Bursa Malaysia Securities Berhad.
L&P’s IPO exercise encompasses a public issuance of 113.0 million new shares, representing 20.18% of its enlarged share capital, as well as an offer for sale of 33.8 million existing shares, representing 6.04% of the enlarged shares by way of private placement to selected investors.
Out of the 113.0 million new shares, 24.0 million shares will be made available to the Malaysian public via balloting; 13.0 million shares to its eligible directors, employees, and persons who have contributed to the success of the Group (“Pink Form Allocations”); 6.0 million shares by way of private placement to selected investors; while the remaining portion of 70.0 million shares is reserved for Bumiputera investors approved by the Ministry of International Trade and Industry (“MITI”), which will be done via private placement as well.
Pursuant to the Underwriting Agreement, AIS will underwrite a total of 37.0 million new shares made available to the Malaysian public and Pink Form Allocations.
The company and its subsidiaries are mainly involved in designing and manufacturing wooden-based industrial packaging products comprising boxes, crates, and pallets. Operations include Malaysia and Vietnam, the Group’s industrial packaging solutions are used by multinational corporations in the renewable energy, electronics and semiconductor, food, automotive, and packaging industries.
Barring any unforeseen circumstances, L&P is scheduled to launch its prospectus in December 2022, and to be listed on the ACE Market of Bursa Securities by January 2023, with Alliance Islamic Bank Berhad as the Principal Adviser, Sponsor, Joint Placement Agent and Sole Underwriter.
