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,File pic: (From left) Orgabio Holdings Bhd executive director Ean Yong Hen Loen, chief executive officer and executive director Ean Yong Hien Voon, executive deputy chairman Datuk Ean Yong Tin Sin, M&A Securities Sdn Bhd corporate finance managing director Datuk Bill Tan, director Datuk Wong Gian Kui and corporate finance head Gary Ting at Orgabio Holdings Bhd’s underwriting agreement signing ceremony in conjunction with its initial public offering exercise on the ACE Market of Bursa Malaysia.)

PETALING JAYA: Instant beverage premix manufacturer Orgabio Holdings Bhd plans to fund its expansion with a targeted RM29.97mil proceeds from its listing exercise.

The company is scheduled to make its debut on on the ACE Market of Bursa Malaysia on July 5.

In statement, it said RM16mil of the proceeds will be used to finance the construction of a new factory in Semenyih as it expands its manufacturing capacity.

Executive deputy chairman Datuk Ean Yong Tin Sin said the increased capacity will enable the company to take on new customers and larger orders.

This is in line with its plans to grow its customer base in the direct-selling segment, boosting export sales and expanding the range of product offerings and market presence of its in-house brands.

“We plan to grow our customer base in the direct-selling segment by securing more local and overseas direct-selling companies as our customers, as these companies are able to provide us with high manufacturing volumes, which will in turn enhance the growth of our financial performance and sustainability.

“By engaging our instant beverage premix manufacturing services, these direct-selling companies can leverage on our experience and insights on various blends, taste profiles and preferences which are specific to their target markets to launch new products under their brands,” he said.

He noted that the company’s sales to direct-selling companies contributed between 61.4% and 80.6% to overall revenue over the past four financial years.

The company had nine local direct-selling companies as customers as at May 17, 2022.

As for the remaining of its IPO proceeds, RM8.14mil will go towards working capital requirement, RM2.23mil will fund the purchase of new machinery and RM3.6mil for listing expenses.

He also said Orgabio is passing on the increase in cost of supplies to its customers by progressively increasing the selling price to improve gross profit margins.

“We provide our customers with three months advanced notice on the changes in price and upon agreement, new purchase orders with the adjusted pricing will be issued for future orders,” he added.

Orgabio is issuing 96.7 million new shares, representing 39% of the enlarged capital, at an issue price of 31 sen per share.

Of the issue, 12.4 million new shares will be made available to the Malaysian public, 6.2 million shares to its eligible employees and persons while the remaining 78.1 million are earmarked for private placement to bumiputra investors and selected investors, including a cornerstone investor.

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