Farm Price Holdings Berhad has signed underwriting agreement with Alliance Islamic Bank Berhad in conjunction with its upcoming initial public offering on the ACE Market of Bursa Malaysia Securities Berhad.
The IPO exercise encompasses a public issuance of 102.00 million new ordinary shares, representing 22.67% of its enlarged share capital, as well as an offer for sale of 33.00 million existing shares, or 7.33% of its enlarged share capital, via private placement to selected investors.
Out of the 102.00 million new shares, 22.50 million shares will be made available to the Malaysian Public via balloting, 11.25 million shares to its eligible Directors, employees and persons who have contributed to the success of Farm Price (“Pink Form Allocations”), while the remaining 68.25 million shares will go towards private placements to selected investors.
AIS shall underwrite 33.75 million new shares made available to the Malaysian Public and Pink Form Allocations.
Farm Price, via its subsidiaries (collectively known as the “Group”), is principally involved in the wholesale and distribution of fresh vegetables, as well as F&B products and other groceries. It also operates a retail store in Ulu Tiram, Johor to sell fresh vegetables, F&B products and other groceries directly to end-consumers.
Farm Price is scheduled to be listed on the ACE Market of Bursa Securities by May 2024, with AIS as the Principal Adviser, Sponsor, Sole Underwriter and Placement Agent for the IPO Exercise.
