Malaysia timber firm Jawala makes Catalist debut
Its shares opens at 26.5 Singapore cents; IPO closes with public offer tranche subscribed 18.5 times
Singapore
MALAYSIAN sustainable timber company Jawala Inc made its trading debut on the Catalist board of the Singapore Exchange at 2pm on Friday.
Its shares opened at 26.5 Singapore cents - up slightly from the initial public offering (IPO) price of 25 Singapore cents - apiece.
Incorporated in August 2017, Jawala holds a 100-year licence agreement to manage a 11,043 hectare plantation in Sabah's Sapulut Forest Reserve. It harvests and supplies timber from salvage logging to produce sawn timber, veneers and plywood.
Jawala's IPO closed with its public offer tranche subscribed 18.5 times - the 400,000 shares offered for public subscription drew valid applications for 7.4 million shares. Its placement tranche, which comprised 17.6 million shares at the same price, was fully allotted.
The company was seeking to raise S$3.15 million in net proceeds, which it plans to use to develop a plantation site for harvesting as well as invest in research efforts to improve yields, wood quality and sustainability practices.
UOB Kay Hian is Jawala's listing sponsor and the manager of the deal.
With a market capitalisation of about S$30 million, the listing of Jawala Inc brings the total number of companies listed on Catalist to 206, with a combined market capitalisation of about S$12 billion.
Jawala closed at 26 Singapore cents with about 4.5 million shares changing hands.
