Farm Fresh to be listed by March, offering 743.2mil new & existing shares

Farm Fresh to be listed by March, offering 743.2mil new & existing shares

Farm Fresh Bhd has today signed an underwriting agreement with a group of banks in conjunction with its listing on Bursa Malaysia’s Main Market.

KUALA LUMPUR: Farm Fresh Bhd has today signed an underwriting agreement with a group of banks in conjunction with its listing on Bursa Malaysia's Main Market.

The vertically integrated dairy group said it expected to be listed in the first quarter of this year.

Farm Fresh today signed the underwriting agreement with CIMB Investment Bank Bhd, Maybank Investment Bank Bhd, Affin Hwang Investment Bank Bhd, AmInvestment Bank Bhd, Hong Leong Investment Bank Bhd and RHB Investment Bank Bhd.

Tthe company's initial public offering (IPO) entails up to 743.2 million shares, comprising an offer for sale of up to 520.2 million existing shares and a public issue of 223.0 million new shares.

Farm Fresh said of the 743.2 million, institutional investors would be offered of up to 687.4 million shares, representing about 37 per cent of its enlarged issued share capital.

It is offering 167.2 million shares and up to 65.0 million offer shares to Bumiputera investors approved by the International Trade and Industry Ministry.

A total of 455.2 million offer shares are offered to Malaysian institutional and selected investors (other than approved Bumiputera investors) and foreign institutional and selected investors outside the United States.

The retail offering also involves 55.7 million issue shares, representing about 3.0 per cent of Farm Fresh's enlarged issued share capital.

This involves 18.6 million issue shares reserved for application by eligible directors, employees and persons who contributed to the company's success and 37.2 million issue shares reserved for application by the public.

Farm Fresh group managing director and group chief executive officer Loi Tuan Ee said it had grown into one of the nation's leading dairy producers despite stiff competition from other brands in the span of 12 years.

"This underwriting ceremony takes us one step closer to our proposed debut on the main market of Bursa Securities," he said.

CIMB IB chief executive officer (CEO) Jefferi Hashim said Farm Fresh's combination of innovative products and business model had proven its resilience in a challenging economic environment and was poised for further growth as the economy recovers.

Jefferi said Farm Fresh's journey was truly a homegrown success story, backed by a strong and experienced local management team.

Maybank IB CEO Datuk Fad'l Mohamed said as one of the largest integrated dairy players in Malaysia, Farm Fresh was well poised for the next stage of growth, as it enlarged its footprint in the domestic and regional consumer space with its strong branding."

CIMB IB is the sole principal adviser, joint global coordinator, joint bookrunner, joint managing underwriter and joint underwriter for the IPO.

Maybank IB is the joint global coordinator, joint bookrunner, joint managing underwriter and joint underwriter.

Credit Suisse is participating as the joint global coordinator and joint bookrunner for the listing.

Affin Hwang IB, AmInvestment, Hong Leong IB and RHB IB are the joint underwriters.

https://www.nst.com.my/business/2022/02/771634/farm-fresh-be-listed-march-offering-7432mil-new-existing-shares