KUALA LUMPUR (Oct 25): L&P Global Bhd has received approval to list on the ACE Market of Bursa Malaysia Securities Bhd, and is expected to be listed in the first quarter of 2023.

In a media statement on Tuesday (Oct 25), L&P said the initial public offering (IPO) entails a public issuance of 113 million shares or 20.2% of its enlarged issued share capital.

From the 113 million shares, 24 million (4.3%) will be made available to the Malaysian public.

Additionally, 13 million shares (2.3%) will be made available for eligible directors, employees and persons who have contributed to the group.

The remaining 76 million shares (13.6%) will be made available for application by selected investors and Bumiputera investors approved by the Ministry of International Trade and Industry via private placement.

Meanwhile, the 33.8 million existing shares (6%) will be offered for sale through private placement to selected investors.

According to L&P executive director and chief executive officer Ooi Lay Pheng, growth in the economy, international trade and e-commerce sectors augurs well for demand for wooden industrial packaging to support warehousing and logistical needs, amid the transition into the endemic phase of Covid-19 and the ongoing US-China trade war.

“Our impending listing exercise certainly comes at an opportune time. Through the utilisation of the listing proceeds, we will be able to strengthen our market presence and operational capabilities, and have better financial flexibility to capitalise on the attractive prospects ahead,” said Ooi in the press statement.

Alliance Islamic Bank Bhd is the principal adviser, sponsor and sole underwriter for the IPO exercise. Affin Hwang Investment Bank Bhd is a joint placement agent with Alliance Islamic Bank.