Bestari Food secures SC approval for Main Market listing

Bestari Food Bhd has received approval from the Securities Commission to list on Bursa Malaysia's Main Market. The company specializes in food premixes, food ingredients, and production equipment. Bestari Food's IPO will involve issuing approximately 77.1 million new ordinary shares and offering up to 56.3 million existing shares, which would account for up to 29.6% of the company's enlarged 450.0 million issued shares.

Up to 100 million shares have been allocated for institutional investors, including approved Bumiputera investors. The retail offering consists of 22.5 million shares available to the Malaysian public, with 10.8 million reserved for eligible staff and contributors. Managing Director Lai Kok Siong stated that the listing will strengthen the group's position for future growth, enhance brand visibility, and increase market awareness of their food premix products.

Proceeds from the public issue will be used for acquiring industrial land for a new production facility, purchasing machinery, expanding marketing efforts, and covering listing costs. The new facility will support the company's planned expansion into ingredient processing and broaden the Bestari brand's product range. Bestari Food remains committed to expanding production capabilities, developing new food premixes, and increasing the market reach of the Bestari brand.

RHB Investment Bank Bhd is handling the IPO as principal adviser, sole underwriter, and placement agent.