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MELAKA (May 4): The Melaka state government is setting its sights on bolstering its local business landscape by encouraging more companies in the state to be listed on Bursa Malaysia. Deputy Exco of Economic Planning, Finance, Land Affairs, Non-Governmental Agencies, Investment, Industrial and Technical and Vocational Development (TVET), Datuk Khaidhirah Abu Zahar, said that currently, only 23 local companies in the state are public-listed companies (PLCs). “The Melaka state government always provides strong support... to any programmes which are aimed at enhancing business opportunities, especially for local entrepreneurs and companies registered and based in this state. “We want these companies to thrive, and this cannot be achieved without the assistance of other parties such as the state government and financial institutions,' she told reporters after officiating the ‘Workshop @ Bursa 2024’ here on Saturday. Also present was Melaka Invest chief executive officer Datuk Ginie Lim Siew Lin. Khaidhirah highlighted that the advancement of these companies not only benefits the organisations and their employees but also has a positive ripple effect throughout the economy, ultimately benefiting the broader community. Earlier, she said that the Workshop @ Bursa 2024 aimed to provide PLCs in the state with insight into investment opportunities offered by financial institutions, facilitating their future business expansion. Source: Bernama

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KUALA LUMPUR (May 3): Fresh vegetables wholesaler and distributor Farm Price Holdings Bhd, which is set for listing on the ACE Market of Bursa Malaysia on May 14, said on Friday that its initial public offering (IPO) had been oversubscribed by 91.35 times. Following the close of the application period for the IPO on April 30, Farm Price said it had received 16,647 applicants for 2.08 billion new shares worth RM498.66 million from the Malaysian public for the 22.5 million shares it allocated to the Malaysian public — representing an overall oversubscription rate of 91.35 times. Of this, 9,895 applications for 1.03 billion shares were received for the Bumiputera portion, representing an oversubscription rate of 90.61 times. As for the public portion, 6,752 applications for 1.05 billion shares were received, representing an oversubscription rate of 92.08 times. The IPO, priced at 24 sen apiece, involves a public issuance of 102 million new shares, as well as an offer for sale of 33 million existing shares. All in, the listing offers investors a 30% stake in the Johor-based company. Farm Price is mainly involved in the wholesale and distribution of fresh vegetables. Proceeds from the sale of new shares were expected to raise RM24.48 million, from which Farm Price plans to allocate 43% for working capital and 26% for the construction of new facilities. The company will also spend 8% of proceeds for the purchase of machinery, equipment and logistics fleet, and 7% for a planned regional distribution and procurement centre. The remaining 16% is set aside to cover listing expenses. The offer-for-sale of existing shares, meanwhile, will raise RM7.92 million that will go entirely to its selling shareholders — managing director Dr Tiong Lee Chian and executive director Liew Tsuey Er, who is also Tiong’s wife. At the listing price of 24 sen per share, the company will be valued at 12.4 times its net profit of RM8.7 million for the financial year ended Dec 31, 2023 (FY2023), which it made on a revenue of RM114.2 million. Domestic market made up 75% of its revenue, while exports to Singapore accounted for 25%. Source: Emir Zainul / theedgemalaysia.com