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,Left to right: Executive director of Ecoscience International Bhd Pan Kum Wan, independent non-executive Chairman Datuk Tan Yee Boon, managing director Wong Choi Ong, group managing director/CEO of Hong Leong Investment Bank Bhd Lee Jim Leng and head of equity markets Phang Siew Loong

KUALA LUMPUR: Palm oil milling services provider Ecoscience International Bhd is targeting proceeds of RM24.7mil from its listing on the ACE Market of Bursa Malaysa, scheduled for July 18, 2022.

It said in a statement it plans to allocate RM5mil for the incorporation of a wholly owned subsidiary in Indonesia and the establishment of a new fabrication facility and office in Balikpapan, East Kalimantan.

"With the increase in upstream activities and Indonesia being the world’s largest palm oil producer, the move will put us in a stronger position to capitalise on the uptrend.

"The said expansion is expected to shorten the response time to requests from our Indonesian customers and reduce our shipping costs.

"Furthermore, having a fabrication facility in Indonesia also enhances the Group’s prospects in securing new contracts for the expansion or development of palm oil plants and facilities or other related sectors there,” said managing director Wong Choi Ong at the launch of the company's prospectus.

A further RM1mil will go towards expanding the group's environmental and energy efficiency business with the purchasing and leasing of non-chemical water treatment equipment for use in palm oil and other industries.

As for the remaining proceeds, RM7.9mil will be used for working capital, RM7mil for repayment of bank borrowings and RM3.8mil for listing expenses.

Ecoscience’s IPO offering of 112.2 million offer shares, representing 33% of the enlarged share capital, comprises a public issue of 82.2 million new shares and an offer for sale of 30 million existing shares.

Of these, 17 million shares will be made available to the Malaysian public, 6.8 million to eligible directors, employees and persons, 42.5 million shares will be privately placed with Bumiputera investors and 45.9 million shares privately placed with selected investors.

At an issue price of 30 sen per share and an enlarged share capital of 340 million shares upon listing, Ecoscience will have a market capitalisation of RM102mil.

Ecoscience has a dividend policy where the board of directors intends to distribute dividends of at least 20% of its annual audited consolidated profit after tax attributable to its shareholders.

Applications for the public issue are open today (June 21) and will close on July 1, 2022 at 5pm.

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