KUALA LUMPUR (Oct 23): Bestari Food Bhd has received approval from the securities regulator for its proposed listing on the Main Market of Bursa Malaysia.
The food premix producer and supplier said it has also been classified as shariah-compliant by the Securities Commission Malaysia’s (SC) Shariah Advisory Council, according to a statement. No timeline for the initial public offering (IPO) was disclosed, though a company will have to complete its IPO within six months of approval.
“The listing will provide us with a stronger platform to support our next phase of growth while enhancing our brand visibility and market awareness of our food premix products,” said managing director Lai Kok Siong.
Bestari Food is the manufacturer behind the Bestari brand of food premixes, including its popular fried chicken coating mix.
The Selangor-based company produces premixed ingredients for food preparation, supplying both retail consumers and commercial customers such as food manufacturers, restaurants, hotels and caterers.
The proposed IPO involves public issue of new shares, alongside an offer for sale of existing shares, offering a combined 29.6% of its enlarged share capital.
Existing shareholder Core Perpetual Sdn Bhd, owned by Lai and four other shareholders, will retain a 70.4% stake post-listing.
Bestari intends to use part of the IPO proceeds to acquire land and develop a new manufacturing facility in Banting, Selangor, as well as purchase additional machinery to increase production capacity.
“We believe these initiatives will position our group to capture further opportunities within the food premixes industry,” said Lai in the statement.
RHB Investment Bank Bhd is the IPO’s principal adviser, sole underwriter, and sole placement agent.