After Farm Price’s IPO announcement in April, food ingredients supplier Agricore CS Holdings Berhad has signed an Underwriting Agreement with M & A Securities Sdn Bhd for its listing on the ACE Market of Bursa Malaysia Securities Berhad.
The initial public offering entails a public issue of 51.7 million new shares, representing 25.5% of its enlarged share capital upon listing.
According to the Underwriting Agreement, M & A Securities will underwrite a total of 20.3 million new shares made available to the Malaysian public and Pink Form Allocations.
Established in 2009, Agricore Group is principally involved in the sourcing and distribution and production of plant-based agricultural food ingredients comprising starch products, beans and pulses, grain products and other related products under its house brands “POKOK AGRICORE”, “SunRise” and “CAP POKOK” as well as third party brands.
Agricore’s revenue increased from RM89.0 million in FY 2020 to RM122.7 million in FY2022, registering a Compounded Annual Growth Rate (“CAGR”) of 17.4%. The Company is well-positioned for future growth leveraging on the continuous demand for food and the need to strengthen food security in the country.
Agricore is tentatively scheduled to list on the ACE Market of Bursa Securities by June 2024.
M & A Securities is the Adviser, Sponsor, Underwriter and Placement Agent for the IPO exercise
