KUALA LUMPUR: Cropmate Bhd has received the approval to list on the ACE Market of Bursa Malaysia.
The company's listing will involve a public issue of 210 million new ordinary shares and an offer for sale of 50 million shares.
Cropmate managing director Lee Chin Yok said as the first-ever pure-play fertiliser company to be listed on Bursa, the listing represents a landmark achievement for the company.
"It not only elevates our profile but also positions us strategically within the market, enabling us to broaden our reach and impact across the Malaysian agricultural sector.
"The funds raised will be instrumental in supporting our strategic initiatives, particularly the upgrade of automated weighing process, setting up research and development and test laboratory, purchase equipment and vehicles and the acquisition of the factories," he said.
Among the company's product offerings include conventional fertilisers comprising compacted and blended fertilisers, as well as specialty fertilisers.
The latter comprises semi-organic, organic, and liquid fertilisers to meet the nutrient requirements of the plant covering nursery, flowering and maturity stages.
Cropmate is also involved in the trading of straight fertilisers and related products.
The company recorded a revenue of RM151.5 million for the year ended 2023, supported by the formulation and blending segment which accounted for RM112.1 million.