JB Foods launches S$23m S’pore IPO

JB Foods launches S$23m S’pore IPO

Malaysian cocoa ingredients producer JB Foods launched its initial public offering in Singapore yesterday, seeking to raise S$23 million to feed its appetite for regional expansion.

The company is seeking to sell 100 million invitation shares at 30 Singapore cents each. Three million shares will be offered to the public, while 97 million shares will be sold by placement.

The public offer closes on July 19 and the shares are expected to start trading on the mainboard of the Singapore Exchange on July 23.

Last year, JB Foods reported revenue of RM691 million (S$276 million) and net profit of RM51 million. Besides expanding its factory in Malaysia, the company is also exploring options to acquire two cocoa processing factories in Germany and Indonesia.

JB Foods intends to recommend and distribute not less than 30 per cent of its net profit attributable to shareholders this financial year.

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