Johor Plantations Group Bhd , an upstream oil palm plantation company with plans to expand into the downstream plantation business, made its debut on the Main Market of Bursa Malaysia today.
Of the total proceeds raised from the public issue, about RM196.8 million will be used to construct an integrated sustainable palm oil complex as part of JPG’s strategy to venture into the downstream segment of the plantation value chain along with strategic replanting activities to ensure the long-term sustainability of its plantations, while approximately RM167.4 million and RM6.7 million have been earmarked for the repayment of bank borrowings and working capital respectively.
“This entails JPG’s strategic venture into the downstream segment, the commitment to advancing the circular economy and ensuring the long-term viability and sustainability of JPG,” he said at JPG’s listing. JPG managing director Mohd Faris Adli Shukery said that the listing on the Main Market marks a pivotal moment for JPG, where it signifies not just a milestone achievement, but a strategic leap forward as the company moves towards becoming an integrated player within the plantation industry.