Malaysian timber firm Jawala launches IPO

It expects proceeds worth $4m to go into plantation development.

Sabah-based timber company Jawala is targeting $4m (RM 13.3m) of proceeds through opening its initial public offering (IPO) of 18,000,000 shares on the Singapore Exchange Securities (SGX). It also aims to join SGX's Catalist Board.

The sustainable forest resource company offers $0.25 for each share. They are looking into commencing a new site to plant trees by the third quarter of 2018 and to further their working capital through the IPO sales.

Based on its issue price, Jawala expects its post-IPO market capitalisation to be approximately $29.6m (RM 87m). The invitation opens on 25 May and will close at 12.00 noon on 30 May. Jawala’s shares will commence trading on 1 June.

Jawala is the first Malaysian forest resource company to list in Singapore. Its plantation is located within Sapulut Forest Reserve in Sabah.