Cropmate Berhad (“Cropmate” or “the Company”), a prominent player in Malaysia’s fertiliser manufacturing sector, made its debut today on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Securities”). The Company’s shares opened at RM0.245, reflecting a 22.5% premium over its initial public offering (IPO) price of RM0.20 per share.
Listed under the stock name “CRPMATE” and stock code “0331”, Cropmate’s entry to the public market underscores its commitment to growth, innovation, and supporting Malaysia’s agricultural industry.
Driving Malaysia’s Agricultural Productivity
Cropmate specialises in the formulation and blending of conventional and specialty fertilisers, serving a critical role in enhancing agricultural productivity while promoting sustainable farming practices. The Company is especially known for its specialty fertiliser products tailored for high-value crops such as durians, providing tailored solutions for orchard owners and plantation operators.
The IPO raised a total of RM42.0 million, with the funds allocated as follows:
- RM17.1 million for business expansion objectives.
- RM16.7 million for acquiring strategic assets, including Factory Lots 8949 and 8950.
- RM3.2 million for capital expenditure, including automation upgrades, research and development facilities, and equipment purchases.
- RM5.0 million for listing expenses.
Leadership Speaks on Cropmate’s Milestone
During the listing ceremony, Mr. Lau Yoon Kwai, Independent Non-Executive Chairman of Cropmate, highlighted the significance of the event:
“Today marks a defining moment for Cropmate as we celebrate our successful listing on the ACE Market of Bursa Malaysia. This milestone is a testament to the hard work, dedication, and resilience of our team, as well as the trust and confidence placed in us by our investors and stakeholders.”
He added:
“The funds raised through our IPO will enable us to acquire key production assets, finance capital expenditure, and provide additional working capital. As the first pure-play fertiliser company listed on Bursa Malaysia, we are committed to advancing sustainable farming practices, supporting Malaysia’s food security goals, and delivering long-term value to our stakeholders.”
Strategic Growth Ahead
The funds raised will allow Cropmate to strengthen its infrastructure, expand its capacity, and enhance its ability to serve Malaysia’s agricultural needs. The focus on research and development underscores Cropmate’s dedication to innovation in sustainable fertilisers, further cementing its role as a key contributor to the nation’s food security objectives.
Investment Backing
Hong Leong Investment Bank Berhad served as the Principal Adviser, Sponsor, Underwriter, and Bookrunner for Cropmate’s IPO.
Cropmate’s successful debut on Bursa Malaysia signals strong investor confidence in its vision, innovation, and commitment to bolstering the agricultural sector. As the Company continues its expansion, it remains poised to deliver impactful solutions for Malaysia’s farming community and beyond.