MYMBN Berhad has sealed an underwriting agreement with Mercury Securities Sdn Bhd in conjunction with its upcoming initial public offering on the ACE Market of Bursa Malaysia Securities Berhad. Mercury Securities is the Principal Adviser, Sponsor, Sole Underwriter, and Sole Placement Agent for the Company’s listing exercise, which entails a public issue of 98,000,000 new ordinary shares in the Company.
Pursuant to the Underwriting Agreement, Mercury Securities will underwrite a total of 37,978,000 new Shares, comprising 19,300,000 new Shares made available for subscription by the Malaysian public via balloting and 18,678,000 new Shares set aside for subscription by eligible Directors, employees, and persons who have contributed to the success of MYMBN and its subsidiaries.
The company is principally involved in the processing and sale of edible bird’s nests, specifically the raw unclean edible bird’s nests to both local and international markets, particularly to the People’s Republic of China. MYMBN was the first Malaysian company to obtain approval for the export of RUCEBN to the PRC from the General Administration of Customs of the PRC. The Company is targeting to launch its Prospectus for its IPO at the end of the second quarter of 2023, and it will be the first bird’s nest processor to be listed on the ACE Market of Bursa Securities.
Commenting on the business, the Executive Director and Chief Executive Officer of MYMBN, Mr. Lavernt Chen Vun Wo, said: “There is a rise in demand for Malaysian produced EBN in recent years, not just locally, but also internationally such as in the PRC and Vietnam. We believe that this encouraging consumer demand would augur well and put us in a strong position to pursue sustainable growth opportunities in our business.”
