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Latham Advises Johor Plantations Group on RM735 Million IPO

July 10, 2024
Landmark listing represents the largest IPO in Malaysia in more than two years.

Latham & Watkins has advised Johor Plantations Group Berhad (JPG) on its RM735 million initial public offering (IPO) on the Main Market of Bursa Malaysia. The offering, which consists of a public issue of 464 million new ordinary shares and an offer for sale of 411 million existing shares at an offer price of RM0.84 per share, represents the largest IPO in Malaysia since March 2022.

JPG is an upstream oil palm plantation company with plans to expand into the downstream plantation business. The company aspires to lead the charge in RSPO-certified sustainable palm oil production and regenerative agriculture. More than half of the total proceeds from the public issue will be used to construct an integrated sustainable palm oil complex as part of JPG’s strategy to venture into the downstream plantation segment and for strategic replanting activities.

The Latham team was led by Singapore partners Sharon Lau and Stacey Wong, with Foreign Legal Consultant Mara Recto. Advice was also provided on environmental, social, and governance (ESG) matters by London partner Paul Davies and Washington, D.C. partner Sarah Fortt, with London counsel Michael Green and associate James Bee.