Chemara Palmea Holdings Bhd, a special purpose acquisition company (SPAC) with no existing assets, plans to list shares on the local bourse in a deal expected to raise 650 million Malaysian ringgit ($206.41 million), according to a draft prospectus filed on Aug. 14.
The IPO marks Malaysia's first shell company with no assets from the plantation sector. So far, SPAC listings in the country have been related to the oil and gas sector.
The planned IPO comes hot on the heels of Reach Energy Bhd's $236 million market debut on Friday, Malaysia's largest SPAC listing so far.
The IPO comprises 1.3 billion shares at an issue price of 50 sen each. The offer comes with 1.3 billion free detachable warrants on the basis of one warrant for one share subscribed, the prospectus released by the company showed.
Chemara is offering 1.26 billion shares to institutional investors and the balance for retail, it added.
Chemara Palmea is led by Mohamad Helmy Othman Basha, who used to head the plantation upstream business of the world's biggest listed palm oil producer, Sime Darby Bhd.
The company is looking to buy oil palm plantations or companies that own oil palm plantations in Indonesia and Malaysia, according to the prospectus.
Maybank Investment Bank is the principal adviser, sole placement agent and underwriter of the deal, the prospectus showed.
