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Malaysian food co’s IPO will fund Australian expansion

(Source: Farm Fresh)

Malaysian dairy company, Farm Fresh, is to expand its production facility in Australia after raising funds in an upcoming IPO. 

Farm Fresh is eyeing to raise US$238 million from the listing next month and has already secured 30 cornerstone investors, including AIA, JPMorgan Asset Management and Employees Provident Fund. 

Part of the proceeds will be used for building a manufacturing hub, dairy farm and integrated processing facility in Malaysia as well as expanding its production facility in Australia.

According to The Malaysian Reserve, the Malaysian dairy company operates five dairy farms in its home country and one in Australia, totalling about 2185 hectares with a herd size of about 9960 dairy cows and bulls.

Set to be listed on the main market of Bursa Malaysia on March 22, Farm Fresh is expected to have a market capitalisation of US$595.4 million.

“Post-listing, Farm Fresh will endeavour to execute our plans to continue gaining market share and growing our sales in Malaysia and abroad,” said Loi Tuan Ee, MD and CEO at Farm Fresh. 

  • Additional reporting from Reuters.

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