{"id":6479,"date":"2024-11-20T23:50:49","date_gmt":"2024-11-20T15:50:49","guid":{"rendered":"https:\/\/klhappenings.com\/?p=6479"},"modified":"2024-11-21T09:39:11","modified_gmt":"2024-11-21T01:39:11","slug":"cropmate-sets-to-raise-rm42-0-million-from-ace-market-ipo","status":"publish","type":"post","link":"https:\/\/klhappenings.com\/?p=6479","title":{"rendered":"CROPMATE SETS TO RAISE RM42.0 MILLION FROM ACE MARKET IPO"},"content":{"rendered":"\n<p><em>IPO to Enhance Operations and Customer Service Capability in Malaysia\u2019s Fertiliser Industry<\/em><\/p>\n\n\n\n<p><a href=\"https:\/\/www.cropmate.com.my\/\"><strong>Cropmate Berhad<\/strong><\/a> (\u201cCropmate\u201d or the \u201cCompany\u201d), a key player in the conventional and specialty fertiliser manufacturing industry in Malaysia, is pleased to announce the launch of its prospectus for the upcoming initial public offering (\u201cIPO\u201d) on the <strong>ACE Market<\/strong> of <strong>Bursa Malaysia Securities Berhad<\/strong> (\u201cBursa Securities\u201d).<\/p>\n\n\n\n<p>The IPO aims to raise <strong>RM42.0 million<\/strong> through the issuance of 210.0 million new shares at a retail price of <strong>RM0.20<\/strong> per share. The proceeds from the IPO will be allocated as follows:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>RM17.1 million<\/strong> for working capital to support Cropmate&#8217;s growing operations.<\/li>\n\n\n\n<li><strong>RM16.7 million <\/strong>to part finance the purchase considerations of Factory Lot 8949 and Factory Lot 8950 where Cropmate\u2019s operations are located.<\/li>\n\n\n\n<li><strong>RM3.2 million<\/strong> for capital expenditure including setting up of a Research and Development (\u201cR&amp;D\u201d) and test laboratory.<\/li>\n\n\n\n<li><strong>RM5.0 million<\/strong> to defray listing expenses.<\/li>\n<\/ul>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignleft size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"118\" height=\"130\" src=\"https:\/\/klhappenings.com\/wp-content\/uploads\/2024\/11\/Picture1-11.jpg\" alt=\"\" class=\"wp-image-6480\"\/><figcaption class=\"wp-element-caption\">Managing Director of Cropmate Berhad, Mr. Lee Chin Yok (<a href=\"https:\/\/drive.google.com\/drive\/folders\/1BtMQVb1fEG7i-d15l5L_HOQV-JOhVT6h?usp=drive_link\">Link<\/a>)<\/figcaption><\/figure>\n<\/div>\n\n\n<p><strong>Managing Director of Cropmate, Mr. Lee Chin Yok<\/strong>, stated, \u201cThis 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&amp;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.\u201d<\/p>\n\n\n\n<p>He further added, \u201cOur focus on expanding our R&amp;D capabilities and securing strategic assets aligns with our long-term vision of becoming a leading force in the industry. The additional working capital will also provide us the necessary resources to meet the rising demand for high-quality fertilisers, especially amongst the durian orchards and oil palm plantations, while ensuring continuous innovation and excellence in our operations.\u201d<\/p>\n\n\n\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignleft size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"118\" height=\"170\" src=\"https:\/\/klhappenings.com\/wp-content\/uploads\/2024\/11\/Picture2-2.png\" alt=\"\" class=\"wp-image-6481\"\/><figcaption class=\"wp-element-caption\">Group Managing Director\/Chief Executive Officer of HLIB, Ms. Lee Jim Leng (<a href=\"https:\/\/drive.google.com\/drive\/folders\/1BtMQVb1fEG7i-d15l5L_HOQV-JOhVT6h?usp=drive_link\">Link<\/a>)<\/figcaption><\/figure>\n<\/div>\n\n\n<p><strong>Group Managing Director\/Chief Executive Officer of HLIB, Ms. Lee Jim Leng,<\/strong> expressed her support, stating, \u201cCropmate is well-positioned to capture the growth in Malaysia\u2019s agricultural sector, especially with its focus on innovation and sustainability, which allows them to play a pivotal role in strengthening food security as our population continues to grow. Their strategic initiatives, backed by a strong operational foundation, ensure that Cropmate will continue to thrive and lead the fertiliser industry moving forward.\u201d<\/p>\n\n\n\n<p>Cropmate\u2019s growth is anchored in its expertise in the formulation and blending of conventional and specialty fertilisers, as well as trading of straight fertilisers. The Company\u2019s commitment to supporting farmers with innovative, high-quality fertilisers has established it as a trusted name in Malaysia\u2019s agricultural industry.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.hlib.com.my\/\"><strong>Hong Leong Investment Bank Berhad<\/strong><\/a> is the Principal Adviser, Sponsor, Underwriter and Bookrunner.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>IPO to Enhance Operations and Customer Service Capability in Malaysia\u2019s Fertiliser Industry Cropmate Berhad (\u201cCropmate\u201d or the \u201cCompany\u201d), a key player in the conventional and specialty fertiliser manufacturing industry in Malaysia, is pleased to announce the launch of its prospectus for the upcoming initial public offering (\u201cIPO\u201d) on the ACE Market of Bursa Malaysia Securities [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6492,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[158],"tags":[1456],"class_list":["post-6479","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-prospectus","tag-cropmate-sets-to-raise-rm42-0-million-from-ace-market-ipo"],"aioseo_notices":[],"jetpack_featured_media_url":"https:\/\/klhappenings.com\/wp-content\/uploads\/2024\/11\/Fri15112024-Cropmate-Bhd-IPO-prospectus-launch-grpof7-MSY-0120-nonrat-slightly-777px-to-800px_20241115115836_theedgemalaysia.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/klhappenings.com\/index.php?rest_route=\/wp\/v2\/posts\/6479","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/klhappenings.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/klhappenings.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/klhappenings.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/klhappenings.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6479"}],"version-history":[{"count":2,"href":"https:\/\/klhappenings.com\/index.php?rest_route=\/wp\/v2\/posts\/6479\/revisions"}],"predecessor-version":[{"id":6484,"href":"https:\/\/klhappenings.com\/index.php?rest_route=\/wp\/v2\/posts\/6479\/revisions\/6484"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/klhappenings.com\/index.php?rest_route=\/wp\/v2\/media\/6492"}],"wp:attachment":[{"href":"https:\/\/klhappenings.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6479"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/klhappenings.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6479"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/klhappenings.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6479"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}