Latham & Watkins and Mah-Kamariyah & Philip Koh have advised Malaysian palm oil company Johor Plantations Group on its 735-million-ringgit ($157 million) initial public offering, the country's biggest in more than two years.
Linklaters and Christopher & Lee Ong, Rajah & Tann’s Malaysia member firm, advised the joint global coordinators and joint bookrunners, namely RHB Investment Bank, AmInvestment Bank, CIMB, CLSA, and Affin Hwang Investment Bank.
According to Reuters, this is the biggest IPO in Malaysia since March 2022, when dairy producer Farm Fresh raised 1 billion ringgit. It added that of the 735 million ringgit raised by Johor Plantation Group, about 345.2 million ringgit would go to sole selling shareholder Kulim, a unit of Johor state government agency Johor Corp.
Malaysia has been the best-performing market in Southeast Asia for IPOs in the first half of this year, with a total of 21 companies raising around $450 million during that time.
The Latham team was led by Singapore partners Sharon Lau and Stacey Wong, with foreign legal consultant Mara Recto. Advice was also provided on ESG matters by London partner Paul Davies and Washington, D.C. partner Sarah Fortt, with London counsel Michael Green and associate James Bee.
The Linklaters team was led by Amit Singh, head of South and Southeast Asia capital markets, with support from counsel Joseph Wolpin.
