More than 8,000 kilograms of various durians are expected to be served to over 4,000 visitors in three days in a family-run agricultural venture, 7th LKE Durian Fiesta, which kicked off at Gamuda Cove Experience Gallery, on Friday (Jan 12).
Organised by LKE Group Sdn Bhd (LKE) in its mission to catalyze the expansion and advancement of the agriculture sector, the three-day fiesta will offer a 3-day ‘1-Hour Free Flow’ durian experience from 10am to 7pm daily until Jan 14.
The fiesta, which was officiated by Investment, Trade and Industry (MITI) Management and Investment deputy secretary-general Datuk Bahria Mohd Tamil, was held to showcase the variety of locally-produced durians from different parts of Malaysia.
In a statement yesterday (Jan 12), LKE said the fiesta in Bandar Gamuda Cove in Kuala Langat also acted as a platform for the group to announce its upcoming equity crowdfunding (ECF) campaign on pitchIN.
pitchIN, is a stepping stone to LKE’s mission to provide businesses, start-ups, and small and medium-sized enterprises (SMEs), the opportunity to further the growth and innovation within Malaysia’s agriculture sector.
The ECF aimed to raise RM5.3 million and will be issuing up to 5.5 million units of Redeemable Convertible Preference Shares (RCPS), offering a minimum ticket size of RM5,000 for its latest durian phase, Tembikai X.
LKE sales and marketing director Bronson Wee said hosting bi-annual durian fiestas is a tradition for the company.
“As a durian plantation management company on the path to becoming a publicly listed entity, we believe in the King of Fruits’ potential to unite people globally, boost our country’s economy, and foster a sustainable environment for future generations.
“The company is also proud to open up larger investment opportunities to the public through pitchIN,” he added.
Wee said LKE founder and director Jackky Lim and co-founder and managing director Jeremy Chin have been committed to focus on community development in Manchis, Pahang, are now incorporating Smart Farming technologies into its durian plantation phases.
“Our goal is to expand our management of durian plantations using the Smart Farming technologies currently operational in our own phases, contributing to the advancement of the agriculture sector in Malaysia.
“Through the Big Data driven by Smart Farming technology, our plantation expertise becomes a legacy, safeguarding skills for future generations,” he added.
At present, LKE oversees more than 200 acres of plantations, hosting a diverse range of durian varieties tailored to project specifications.
The DurianX phase has integrated Smart Farming technologies and leveraged data analysis and monitoring to optimize the durian trees’ growth conditions, with Internet of Things (IoT) and Big Data, for storing valuable data in the Cloud to enhance research and development in durian plantations.
Meanwhile, TembikaiX comprises 5.9 acres and accommodates 320 durian trees, comprising 70% Black Thorn and 30% Musang King varieties.
Wee sad the ECF campaign for TembikaiX is part of company’s further diversification efforts, aiming to manage plantations beyond its current ownership spectrum.
“This strategic move is a precursor to the company’s preparation for an eventual Initial Public Offering (IPO) exercise in the near term,” he added.
In her officiation speech, Bahria said MITI is looking forward to see the investments raised for TembikaiX will contribute towards a continuous implementation of LKE’s forward-thinking approach in the current operations of its phases, integrating innovative Smart Farming and IoT technology.
“The significance of the fiesta and the upcoming pitchIN ECF campaign cannot be understated,” she continued, adding that the campaign aligns with “the tremendous growth potential in the global durian market, projected to reach significant heights of 49.91 billion USD by 2033.”‘
The fiesta was supported by sponsors including Gamuda Cove, TT Construction, Millenium Welt, DKing, among others, who will also offer special deals for the fiesta’s visitors.
