In updates from Malaysia, HPP Holdings is selling 27.98 per cent shares in its IPO while BOUSTEAD Holdings is seeking to sell a land parcel and TDM Bhd is acquiring controlling stake in THP-YT Plantation.
HPP Holdings seeks to list in Bursa Malaysia’s ACE Market
Paper-based packaging company HPP Holdings Bhd is seeking to list in Bursa Malaysia’s ACE Market, according to the company’s filing to Securities Commission Malaysia.
HPP Holdings will sell 27.98% or a total 108.66 million of shares during the IPO process. The IPO timeline has not been set yet.
The company will use the IPO proceeds to increase its production capacity, widen customer base in local and overseas markets.
BOUSTEAD Holdings to sell land parcel in KL
Malaysia’s diversified company BOUSTEAD Holdings is seeking to sell a 2.94-acre land parcel in Jalan Cochrane in Kuala Lumpur, The Edge reported.
Earlier in 2018 and 2019, BOUSTEAD put two assets in Jalan Bukit Bintang up for sale, with a targeted price of 147 million ringgit.
BOUSTEAD’s spokesperson said the company has been receiving some offers for the land since 2018. Meanwhile, since November 2019, the company decided to actively seek a buyer for those assets.
According to the spokesperson, the sale of the property would enable Boustead to unlock its value via monetisation or in joint venture partnerships with parties that have strong financial resources and more defined expertise.
TDM Bhd to buy 70% THP-YT Plantation
Malaysia’s palm oil plantation and healthcare company TDM Bhd has entered a Heads of Agreements (HoA) to acquire 70% of THP-YT Plantation for 7 million ringgit, according to its announcement in Bursa Malaysia on 31 December 2019.
THP-YT owns three plantation lands located in Mukim of Caluk and Marang, in the District of Setiu, Terengganu State. The plantation area is located close to TDM’s existing plantations as well as its palm oil mill, the announcement said.
This acquisition will also improve TDM’s average age profile and provide a positive contribution to TDM’s cashflow. Following the acquisition, TDM’s total planted oil palm area in Terengganu will increase from 31,346 hectares to 33,653 hectares.