KUALA LUMPUR (June 26): Tanah Makmur Bhd, an oil palm plantation and property development firm, plans to raise RM101.6 million from its initial public offering (IPO).
According to Tanah Makmur's prospectus, the IPO comprises an offer for sale of 49.5 million existing shares and a public issue of 52.1 million new shares. The shares are priced at RM1.25 each.
The public issue proceeds have been earmarked to finance the group's plantation land development and palm oil mill expansion.
Tanah Makmur will also use the proceeds to repay debt and finance infrastructure work under its property development unit.
According to Tanah Makmur, its plantation and real estate operations are entirely based in Pahang.
Tanah Makmur's listing on Bursa Malaysia's Main Market is scheduled on July 17 this year.