Enest Group Berhad launches prospectus in conjunction with its Initial Public Offering and transfer listing from the LEAP Market to the ACE Market of Bursa Malaysia Securities Berhad.
The IPO comprises a public issue of 116.25 million new ordinary shares, representing 20.0% of Enest’s enlarged issued share capital of 581.25 million shares, as well as an offer for sale of 15.05 million existing shares, representing approximately 2.6% of the enlarged issued share capital. Based on the IPO price of RM0.13 per share, the public issue is expected to raise gross proceeds of RM15.11 million for the Group, while the proceeds from the offer for sale will accrue entirely to the selling shareholders.
The Group is principally involved in the processing and sale of raw clean edible bird’s nest, trading of bird’s nest, and sales of processed bird’s nest products serving customers such as distributors, importers, bird’s nest processing companies and retailers, with China being its largest market.
Looking ahead, Enest intends to strengthen its growth trajectory through setting up of a new facility in Kajang to undertake in-house manufacturing of bottled bird’s nest and other herbal beverages, with annual maximum capacity of approximately 300,000 bottles. At the same time, Enest aims to broaden its customer base in China, particularly among manufacturers involved in traditional Chinese medicine and wellness products, while also expanding into the export of raw unclean bird’s nest to China.
Mr. Tan Teh Jie, Managing Director of Enest Group Berhad said, “The launch of our prospectus marks a significant milestone in Enest’s corporate journey as we take the next step towards our transfer listing to the ACE Market. Since our early beginnings, we have steadily expanded our capabilities, customer reach and market presence within the edible bird’s nest industry. Through this IPO, we aim to strengthen our balance sheet, enhance our working capital position and support the next phase of growth for our business.”
