by BERNAMA / pic by TMR FILE

KUALA LUMPUR – Farm Fresh Bhd, which today signed an underwriting agreement in conjunction with its initial public offering (IPO), is expected to be listed on Bursa Malaysia Securities’ Main Market in the first quarter of this year.

The vertically integrated dairy group said the underwriting agreement was inked with CIMB Investment Bank Bhd, Maybank Investment Bank Bhd, Affin Hwang Investment Bank Bhd, AmInvestment Bank Bhd, Hong Leong Investment Bank Bhd, and RHB Investment Bank Bhd.

“In the span of 12 years, we have grown into one of the nation’s leading dairy producers despite stiff competition from other brands.

“This underwriting ceremony takes us one step closer to our proposed debut on the Main Market of Bursa Securities,” group managing director and group chief executive officer Loi Tuan Ee said in a statement today.

The IPO comprises an offer for sale of up to 520.2 million existing shares and a public issue of 223 million new shares.

Farm Fresh (formerly The Holstein Milk Company Sdn Bhd) is one of Malaysia’s largest homegrown dairy companies with an estimated 18 per cent market share in the ready-to-drink milk segment as at Sept 30, 2021.

It operates five dairy farms in Malaysia and one dairy farm in Australia across about 5,400 acres (2,185 hectares) with a total herd size of about 9,960 dairy cows and bulls.