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JOHOR PLANTATIONS GROUP BERHAD SIGNS RETAIL UNDERWRITING AGREEMENT
Friday 24/05/2024
From left to right:
1. Ahmad Gazzara Czillich (Chief Financial Officer, Affin Hwang Investment Bank Berhad)
2. Dato’ Fad’l Mohamed (Managing Director, Group Wholesale Banking of RHB Banking Group)
3. Jaimie Sia Zui Keng (Head of Group Capital Markets & Advisory of RHB Investment Bank Berhad)
4. Mohd Faris Adli Shukery (Managing Director of JPG)
5. Tan Sri Dato’ Sri Dr. Ismail Haji Bakar (Non-Independent Non-Executive Chairman of JPG)
6. Christopher Ng Kok Wai (Deputy Chief Executive Officer of AmInvestment Bank Berhad)
7. Maznee Kamaruddin (Head, Equity Capital Markets & Syndicate of CIMB Investment Bank Berhad)
KUALA LUMPUR, May 24 (Bernama) -- Johor Plantations Group Berhad (formerly known as Johor Plantations Berhad) (JPG), a Johor-based upstream oil palm plantation company poised to expand into downstream plantation business, has signed a retail underwriting agreement with RHB Investment Bank Berhad, AmInvestment Bank Berhad, CIMB Investment Bank Berhad and Affin Hwang Investment Bank Berhad for its upcoming initial public offering (IPO). JPG is targeted to list on the Main Market of Bursa Malaysia Securities Berhad in the third quarter of 2024.
JPG’s IPO entails a public issue of 464.0 million new shares and an offer for sale of up to 411.0 million existing shares in JPG (collectively, the IPO Shares), involving:
i. Institutional offering of up to 797.5 million IPO Shares, representing 31.9% of JPG’s enlarged issued share capital, subject to clawback and reallocation, to be allocated in the following manner:
a) 312.5 million IPO Shares allocated to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI); and
b) up to 485.0 million IPO Shares for Malaysian institutional and selected investors (other than Bumiputera investors approved by the MITI) and foreign institutional and selected investors outside the United States in reliance on Regulation S.
ii. Retail offering of 77.5 million IPO Shares, representing 3.1% of JPG’s enlarged issued share capital, subject to clawback and reallocation, to be allocated in the following manner:
a) 50.0 million IPO Shares to be made available for application by the Malaysian public by way of balloting, of which 25.0 million IPO Shares will be set aside for Bumiputera investors; and
b) 27.5 million IPO Shares will be reserved for application by the eligible persons who have contributed to the success of the JPG group.
RHB Investment Bank Berhad as the Managing Underwriter and Joint Underwriter along with AmInvestment Bank Berhad, CIMB Investment Bank Berhad and Affin Hwang Investment Bank Berhad as the Joint Underwriters will jointly underwrite the entire 77.5 million IPO Shares under the retail offering.
JPG’s Managing Director Mohd Faris Adli Shukery, said, “Our operational efficiency, reflected in our yields, has played a pivotal role in our success. With our listing on the horizon, JPG is set to become an integrated player in the downstream segment, optimising our position within the industry. We believe these plans will enhance the marketability of our products, enabling us to meet the growing industrial demand for palm oil and expand into new business segments through strategic growth. Our goal is to produce speciality oils and fats, along with other high-value downstream palm oil products, tailored for the food industry. This strategy aims to strengthen our position as a fully integrated oil palm producer and allow us to capture better margins across the value chain. Given the exciting developments ahead, we are well positioned for further growth and eagerly anticipate the future.”
RHB Banking Group’s Managing Director of Group Wholesale Banking Dato’ Fad’l Mohamed, said “We truly appreciate the trust and partnership we have built with Johor Corporation and JPG over the years and are honoured to have this opportunity to play a crucial role in this IPO exercise. JPG has a proven operational track record and yield among its peers, ownership of large plantations held strategically in Johor, and a proponent of strong sustainability practices and digitalisation initiatives. We believe JPG is poised for even greater success as they embark on their next growth phase. We remain committed to continue progressing with them to fulfil their aspirations.”
AmInvestment Bank Berhad’s Chief Executive Officer Tracy Chen Wee Keng, said “AmInvestment Bank is proud to be involved in the IPO of JPG, a leading plantation company in Malaysia's oil palm industry. Through its efficient management and focus on sustainability, JPG consistently achieves commendable yields and commands a pricing premium compared to its peers. We believe this IPO signifies the dawn of an extraordinary growth for JPG and sets the stage for its expansion into new markets and the realization of its full potential as an industry leader."
CIMB Group’s Co-Chief Executive Officer of Group Wholesale Banking Novan Amirudin, said “We are honoured to be part of this milestone of JPG. Having charted solid track record and success stories over the years, JPG has proven to be a leading player within the Malaysian oil palm plantation industry as it continues to record remarkable operational performance. JPG’s great emphasis on sustainable practices is highly commendable, and we look forward to a continued partnership and future collaborations as JPG embarks on its expansion journey.”
Affin Hwang Investment Bank Berhad’s Chief Executive Officer Nurjesmi Mohd Nashir, said “Leveraging on our expertise in the Malaysian capital markets, Affin Hwang Investment Bank Berhad is proud to support JPG’s landmark IPO on the local bourse. We congratulate JPG on this significant milestone and look forward to collaborating on future endeavours.”
RHB Investment Bank Berhad is the Principal Adviser, Joint Global Coordinator, Joint Bookrunner, Managing Underwriter and Joint Underwriter for the IPO exercise. AmInvestment Bank Berhad and CIMB Investment Bank Berhad are the Joint Global Coordinators, Joint Bookrunners and Joint Underwriters. CLSA Singapore Pte Ltd and CLSA Securities Malaysia Sdn Bhd are the Joint Global Coordinators and Joint Bookrunners while Affin Hwang Investment Bank Berhad is the Joint Bookrunner and Joint Underwriter.
About Johor Plantations Group Berhad
Established in 1978, Johor Plantations Group Berhad (formerly known as Johor Plantations Berhad) (JPG), is a wholly-owned subsidiary of Kulim (Malaysia) Berhad, which in turn is a wholly-owned subsidiary of Johor Corporation (JCorp). JPG is principally involved in the production of crude palm oil and palm kernels. It primarily owns, manages, and cultivates oil palms and harvests fresh fruit bunches produced on the plantation estates that it owns or rents in Malaysia, primarily in the state of Johor. The subsidiaries of JPG are principally involved in the production of palm oil and palm kernels, production of biomethane, trading of agricultural machineries and parts for plantation use, selling of oil palm seedlings and other plantation products and services, provision of training and safety-related services along with the supply of safety products and refining of oil palm and trading of palm oil products.
For more information, please visit www.johorplantations.com
This release is not an offer of securities for sale in the United States. The securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. No portion of the proposed offering is intended to be registered in the United States, and no public offering is intended to be conducted in the United States.
SOURCE : Johor Plantations Group Berhad
FOR MORE INFORMATION, PLEASE CONTACT:
Johor Plantations Group Berhad
Name : Dalilah Ibrahim
Head of Corporate Communication
Tel : 012-328 1727
Email : dalilah@johorplantations.com
Imej Jiwa Communications Sdn Bhd
Name: Jason Chiew
Tel: 017-980 4293
Email: jason@imejjiwa.com
--BERNAMA |
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