PETALING JAYA: L&P Global Bhd has received approval to list on Bursa Malaysia’s ACE market.
The group formerly known as Berjayapak International Holdings Sdn Bhd aims to list on the stock exchange by the first quarter of 2023.
L&P executive director–cum-CEO Ooi Lay Pheng said his impending listing exercise comes at an opportune time as the world moves into an endemic phase following the Covid-19 pandemic, the growth of the economy, as trade sectors international markets and e-commerce bode well for the demand for industrial wood packaging to support growing warehousing and logistics needs.
“Additionally, the ongoing trade war between the United States and China has led to an increase in the number of multinational companies relocating their China-based manufacturing facilities to countries such as Malaysia and Vietnam where we have operations.
“Through the use of proceeds from the listing, we will be able to strengthen our market presence and operational capabilities and have better financial flexibility to capitalize on the attractive prospects ahead,” she said. declared.
In conjunction with L&P’s upcoming listing, the initial public offering (IPO) exercise involves a public issuance of 113 million new shares, representing 20.2% of its expanded issued share capital at listing. 33.8 million existing shares or 6% of its expanded share capital upon listing will also be offered for sale by private placement to selected investors.
Of the 113 million new shares, 24 million or 4.3% will be made available to the Malaysian public, while 13 million shares or 2.3% will be made available to directors, employees and eligible people who have contributed to the success of the group.
The remaining 76 million shares (13.6%) will be made available to selected investors and bumiputra investors approved by the Malaysian Ministry of International Trade and Industry through private placements.
Alliance Islamic Bank Bhd is the lead advisor, sponsor and sole underwriter. Alliance Islamic Bank Bhd and Affin Hwang Investment Bank Bhd are the joint placement agents.
L&P and its subsidiaries are an integrated supplier of industrial packaging solutions. The group is primarily involved in the design and manufacture of industrial wood packaging products consisting of crates, crates and pallets. It also provides packaging services as well as trading of related products and raw materials. To meet the increased demand for more sustainable packaging, the group offers pallet recycling and repair services as part of its circular sourcing services.
The group’s customer base includes multinational companies in sectors such as renewable energy, electronics and semiconductors, food, automotive and packaging. Geographically, in addition to its main market in Malaysia, the group has also established itself in Vietnam.
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