KUALA LUMPUR Aug 18 Chemara Palmea Holdings
Bhd, a special-purpose acquisition company (SPAC) with no
existing assets, plans to list shares on the local bourse in a
deal expected to raise 650 million Malaysian ringgit ($206.41
million), according to a draft prospectus filed on Aug. 14.
The IPO marks Malaysia's first shell company with no assets
from the plantation sector. So far, SPAC listings in the country
have been related to the oil and gas sector.
The planned IPO comes hot on the heels of Reach Energy Bhd's
$236 million market debut on Friday, Malaysia's
largest SPAC listing so far.
The IPO comprises 1.3 billion shares at an issue price of 50
sen each. The offer comes with 1.3 billion free detachable
warrants on the basis of one warrant for one share subscribed,
the prospectus released by the company showed.
Chemara is offering 1.26 billion shares to institutional
investors and the balance for retail, it added.
Chemara Palmea is led by Mohamad Helmy Othman Basha, who
used to head the plantation upstream business of the world's
biggest listed palm oil producer, Sime Darby Bhd.
The company is looking to buy oil palm plantations or
companies that own oil palm plantations in Indonesia and
Malaysia, according to the prospectus.
Maybank Investment Bank is the principal adviser, sole
placement agent and underwriter of the deal, the prospectus
(1 US dollar = 3.1490 Malaysian ringgit)
(Reporting By Yantoultra Ngui; Editing by Matt Driskill)