Johor-based wholesaler and distributor of fresh vegetables and F&B products, Farm Price Holdings Berhad is seeking to raise funds for expansion via a listing exercise on the ACE Market of Bursa Malaysia Securities.
Based on its draft prospectus, the initial public offering entails a public issue of 102.0 million new ordinary shares, as well as an offer for sale of 33.0 million existing shares, representing 22.67% and 7.33% respectively of its enlarged issued share capital of 450.0 million ordinary shares.
Farm Price operates regional distribution centres across northern, central as well as southern regions of Peninsular Malaysia, alongside a Senai Centralised Distribution Centre in Johor serving both Malaysia and Singapore markets. The Group also operate a retail store in Ulu Tiram, Johor selling fresh vegetables together with F&B products and other groceries directly to end-consumers.
Managing Director of Farm Price, Dr. Tiong Lee Chian said, “We are grateful to Bursa Securities for approving our listing. We believe it is timely that the public is given the opportunity to invest in a business that plays a crucial role in ensuring sufficiency of fresh vegetables in the market. This is especially true post pandemic when the issue of food security becomes increasingly important to all stakeholders, from end consumers to leaders of nations.”
The group delivers hundreds of types of fresh vegetables daily to its customers throughout Peninsular Malaysia and to Singapore.
