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新2查账网址:L&P Global aims to raise RM33.9mil from IPO exercise

新2查账网址:L&P Global aims to raise RM33.9mil from IPO exercise

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KUALA LUMPUR: L&P Global Bhd, an integrated industrial packaging solutions provider bound for Bursa Malaysia’s ACE Market, aims to raise RM33.9 million from its initial public offering (IPO).

The company, which is slated to be listed on Jan 3, 2023, said it plans to use RM10 million of the proceeds for capital expenditure, mainly for the construction of a new factory in Johor, and RM2 million for business expansion.

L&P Global will use RM13 million for working capital to buy raw materials to support its operations, RM5 million to repay borrowings, and the balance RM3.9 million to defray listing expenses.

The group is principally involved in the design and manufacture of wooden industrial packaging products, including boxes, crates, and pallets. It also provides packing services, circular supply services and trading of related products and raw materials.

Executive director and chief executive officer Ooi Lay Pheng said L&P Global aims to strengthen its presence in the northern region of the peninsula.

"We will relocate part of assembly activities from Sungai Bakap to Perai, Penang, in the second quarter (Q2) of 2023 and Kulim, Kedah, in third quarter (Q3) of 2023.

"We will also install new assembly lines in the Perai and Kulim branches which will allow us to expand manufacturing capacity in the Sungai Bakap factory with the freed-up manufacturing space there,” she told a press conference in conjunction with L&P Global’s IPO prospectus launch today.

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In addition, Ooi said, L&P Global intends to strengthen its presence in the southern region by installing new assembly lines at the Kulai branch in Johor in the first quarter (Q1) of next year and building a new factory in Kulai/Senai, Johor, in Q1 2026.

L&P Global also seeks to expand its local geographical presence to the Klang Valley as well as in the region to Singapore after having a strong presence in Vietnam.

This includes setting up a new assembly plant with storage space in the Klang Valley in Q2 2023 as well as a factory in Singapore in Q3 2023, she said.

Ooi said the industry’s prospects are positive as the ongoing United States-China trade war is expected to drive multinational companies to relocate and set up new manufacturing facilities in Malaysia and Vietnam, which will be beneficial to the company.

L&P Global’s IPO comprises a public issue of 113 million new shares and an offer for sale of 33.8 million existing shares.

At an issue price of 30 sen per share and an enlarged share capital of 560 million shares, the company will have a market capitalisation of RM168 million upon listing.

Applications for the public issue are open today and will close on Dec 19, 2022. - Bernama


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