Malaysia state firm Johor Corp weighs IPO for US$1 bil palm oil arm

22/6/2022 4:49:00 PM

IPO: Malaysia state firm Johor Corp weighs IPO for US$1 bil palm oil arm - Bloomberg

IPO: Malaysia state firm Johor Corp weighs IPO for US$1 bil palm oil arm - Bloomberg

(June 22): Malaysia’s state-owned investment firm Johor Corp could seek to raise about 1 billion ringgit ($227 million) in an initial public offering of its plantation unit, according to people with knowledge of the matter.The investment arm of the Johor State government is asking bankers for pitches for the potential listing of Kulim Malaysia Bhd, and is targeting a valuation of around US$1 billion for the unit, the people said. An IPO in Kuala Lumpur could happen as early

(June 22): Malaysia’s state-owned investment firm Johor Corp could seek to raise about 1 billion ringgit ($227 million) in an initial public offering of its plantation unit, according to people with knowledge of the matter.The investment arm of the Johor State government is asking bankers for pitches for the potential listing of Kulim Malaysia Bhd, and is targeting a valuation of around US$1 billion for the unit, the people said. An IPO in Kuala Lumpur could happen as early as next year, said the people, who asked not to be identified as the process is private.

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A (June 22): Malaysia’s state-owned investment firm Johor Corp could seek to raise about 1 billion ringgit ($227 million) in an initial public offering of its plantation unit, according to people with knowledge of the matter.for the latest news you need to know.for the latest news you need to know..

The investment arm of the Johor State government is asking bankers for pitches for the potential listing of Kulim Malaysia Bhd, and is targeting a valuation of around US$1 billion for the unit, the people said. An IPO in Kuala Lumpur could happen as early as next year, said the people, who asked not to be identified as the process is private. State Agriculture, Agro-based Industry and Rural Development Committee chairman, Datuk Zahari Sarip said the making of “tempoyak” (fermented durian pulp) is at the Federal Agriculture Marketing Authority’s (Fama) durian processing centre in Tangkak. The Kulim listing would come as a three-year rally in crude palm oil prices has begun to sputter, falling from its peak in March as Indonesia ramps up exports. “The GMP (good manufacturing practice)-certified processing centre has added value to the product, besides solving the durian glut problem in the northern part of the state, especially Tangkak, Muar and Segamat. Deliberations are ongoing and details of the IPO such as size and timing could change, the people said. “Among the facilities available are machines separating the durian pulp from the (thorny) skin, vacuum pack machines, blast freezers and cold room which can store 22 tonnes of the frozen pulp at any one time. Johor Corp is continuously reviewing its investments, and is committed to improving the value proposition of Kulim, said Hasnina Hafiz, head of group corporate communications, in response to a query from Bloomberg News.

Should Johor Corp proceed with the plan, Kulim will be joining Malaysia IPO candidates including Weststar Aviation Services Sdn Bhd’s helicopter services unit and QSR Brands (M) Holdings Bhd, which runs KFC and Pizza Hut restaurants in Southeast Asia. Assemblyman Ng Kor Sim (PH-Jementah) had earlier asked on plans to expand the fruit processing industry, especially involving durian as more areas were being planted with the fruit tree. Assemblyman Ng Kor Sim (PH-Jementah) had earlier asked on plans to expand the fruit processing industry, especially involving durian as more areas were being planted with the fruit tree. Malaysia hosted US$408 million worth of IPOs so far this year, up from US$130 million in the same period in 2021, data compiled by Bloomberg show. Kulim traces its roots to 1933 when Kulim Rubber Plantations Ltd was incorporated in the UK, according to its website. He said the state government was targeting an increased output of 141,862 tonnes by 2027, a rise of 13. It was listed on the the Kuala Lumpur stock exchange in 1975 and Johor Corp became a major shareholder of Kulim a year later.47 per cent. The state-owned firm took Kulim private in 2016. “Overall, since 2018 until now, the government has allocated RM6.

The agricultural company has 55,796 hectares of planted areas with oil palm trees in Malaysia and 7,362 hectares in Indonesia, the website shows. Along with plantation, Kulim’s core business areas are fruit and vegetable farming, livestock and trading and services. This year, RM2. This year, RM2. Subscribe to Mid-day email alert We deliver news to your inbox daily .