MYMBN to raise RM20.58 million from ACE market listing

UALA LUMPUR: MYMBN Bhd aims to raise RM20.58 million from the initial public offering (IPO) on th ACE market for strategic expansion to meet the rising demand for edible bird’s nests.

The company today launched the prospectus of its IPO which is going for a listing on the ACE Market of Bursa Malaysia Securities on July 25.

MYMBN is principally involved in the processing and sale of edible bird’s nests, specifically the raw unclean edible bird’s nests (RUCEBN) to both local and international markets, particularly in China.

The IPO consists of a public offering of 98 million IPO shares at an issue price of 21 sen per share with 19.30 million shares made available for application by the Malaysian public.

Out of this 18.68 million shares will be available for application by eligible directors and employees of MYMBN and its subsidiaries as well as persons who have contributed to the group’s success, and 60.02 million of the shares will be made available through private placement.

MYMBN Bhd chief executive officer Lavernt Chen said, “We are ready for the next stage of growth as we continue to expand our processing facility to meet the rising demand for edible bird’s nest.”

“We are happy that we passed another milestone on our way to becoming a listed entity on the ACE Market of Bursa Malaysia and we are confident in increasing our business in the coming years, led by an experienced core management team with strong foundations in the edible bird’s nest market,”he said.

RM8.05 million of the proceeds from the IPO will go towards working capital and related capital expenditure for the expansion of the company’s current headquarters and processing facilities.

The group has allocated RM6.60 million to finance additional purchases of bird’s nests for RUCEBN.

Approximately RM1.68 million of the proceeds will be used to establish three bird’s nest collection centres in East Malaysia, RM1.25 million will be used to expand into the raw clean edible bird’s nest (RCEBN) segment, and the remaining three million will be used for listing expenses.


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