KUALA LUMPUR: Specialty fertiliser maker Cropmate Bhd has filed a draft prospectus for an initial public offering (IPO) on the ACE Market of Bursa Malaysia.
The draft filed on May 24, 2024, proposes a public issue of 210 million new shares and an offer for sale of 50 million existing shares.
Cropmate was incorporated on Sep 11, 2023 and is an investment holding company.
Its subsidiary, Cropmate Fertiliser is involved in the formulation and blending of conventional and specialty fertilisers as well as trading of straight fertilisers and related products.
Its specialty fertilisers were mainly sold under our sub-brand, CM Miracle. Its head office and production facility is located in Telok Gong, Klang, Selangor. It currently has four blending-compacting production lines of which three are used for the production of compacted and semi-organic fertilisers while one is used for the production of blended and organic fertilisers.
The annual capacity for the three production lines for the compacted and semi-organic fertilisers is about 150,000 tonnes while the annual capacity for the one production line for blended and organic fertilisers is about 64,000 tonnes.
For financial year 2021 (FY21), the company posted a profit after tax (PAT) of RM7.63 million followed by RM14.62 million in FY22 and RM10.05 million in FY23.