Cropmate Berhad a specialty fertiliser manufacturer announced the launch of its prospectus for the upcoming initial public offering on the ACE Market of Bursa Malaysia Securities Berhad with the aim of raising RM42 million through the issuance of 210.0 million new shares at a retail price of RM0.20 per share.
The proceed of RM17.1 million will be used for working capital to support Cropmate's growing operation while RM16.7 million to part finance the purchase considerations of new factories and RM3.2 million for capital expenditure.
Managing Director of Cropmate, Mr. Lee Chin Yok, stated, "This is a defining moment for Cropmate with the launch of our prospectus. As the first-ever pure-play fertiliser company to be listed on Bursa Malaysia, this IPO represents our commitment to enhancing agricultural productivity and sustainability in Malaysia. With the proceeds, we aim to expand our R&D capabilities and continue to innovate in the fertiliser industry. We are excited about the opportunities this IPO opens for Cropmate as we strengthen our presence in the Malaysian agricultural sector."
