Bestari Food secures approval for Main Market IPO
The proposed offering covers 29.6% of enlarged share capital, with part of the proceeds earmarked for a new manufacturing facility in Banting.
Bestari Food Bhd said it has obtained regulatory approval for a proposed Main Market listing on Bursa Malaysia. The food premix producer also received shariah-compliant classification from the Shariah Advisory Council of the Securities Commission Malaysia (SC).
The IPO will combine newly issued shares with existing shares offered for sale, together representing 29.6% of the company’s enlarged share capital. Bestari Food did not disclose a timetable for the offering.
Core Perpetual Sdn Bhd will hold 70.4% after the listing. The existing shareholder is owned by managing director Lai Kok Siong and four other shareholders.
The company plans to direct part of the proceeds towards buying land and developing a manufacturing facility in Banting, Selangor. It also intends to buy additional machinery to expand production capacity.
Based in Selangor, Bestari Food makes food preparation premixes under the Bestari brand, including fried chicken coating mix. Its customers include retail consumers, food manufacturers, restaurants, hotels and caterers.
RHB Investment Bank Bhd is acting as principal adviser for the IPO, as well as its sole underwriter and sole placement agent.
