Rhone Ma to raise RM31.59m from IPO

KUALA LUMPUR: Rhone Ma Holdings Bhd, an end-to-end animal health solution provider, which is en route for a listing on the Main Market of Bursa Malaysia Securities Bhd, is looking to raise RM31.59 million from its initial public offering (IPO) exercise.
The group is slated to be listed on Dec 19, 2016 with a market capitalisation of RM124.5 million.
Proceeds to be raised from the IPO exercise will be mainly used for its capital expenditure (77.55%), working capital (6.62%) and listing expenses.
Its group managing director Dr Lim Ban Keong told reporters at its prospectus launch today, the group's capital expenditure includes the construction of a new Good Manufacturing Practice-compliant plant in Nilai, Negeri Sembilan, purchase of machinery and equipment, as well as construction of a new warehouse in Kapar, Klang.
The IPO exercise entails a public issue of 42.12 million new ordinary shares, of which 8.3 million shares available for Malaysian public, 16.6 million shares for bumiputera investors approved by the international trade and industry ministry, and some 9.4 million shares will be placed out to selected investors.
The remaining 7.82 million shares are offered to the company's eligible directors and employees and other persons who have contributed to the success of the group.