has proposed to list its wholly owned subsidiary MKH Oil Palm Bhd on the Main Market of Bursa Malaysia.
It added that the proposed pre-IPO reorganisation was subject to the receipt of approval from the relevant authorities for the proposed listing. After completion of the proposed share split, the group said MKHOP proposed to acquire 5.67 per cent stake in PT MKH from Metro Kajang Sdn Bhd and PT Hikmat Aliran Sukses for RM53.52 million through the issuance of 44,23 million new MKHOP shares to the vendors at an issue price of RM1.21.
"The proceeds to be raised from the proposed offer for sale will accrue entirely to MKH Group and is proposed to be utilised for repayment of loans and borrowings and to defray expenses relating to the proposed offer for sale,” MKH said.