Vice-chairman Tan Sri Lodin Wok Kamaruddin said the group is open to any market depending on the viability of the plantation project to be undertaken.
“We may also consider acquiring land in Indonesia, Myanmar or the Philippines,” he told reporters after the group’s listing yesterday.
Lodin Wok added that with this growth strategy in place, the group should remain healthy and profitable for years to come.
The group expects vast opportunities in the plantation sector as it focuses on unlocking the value of its plantation assets.
He also said the group plans to increase its total planted area by another 20,000 hectares from the 70,991.2 hectares in the Peninsular as well as Sabah and Sarawak.
Meanwhile, Lodin Wok said RM420 million of the gross proceeds from the initial public offering (IPO) will be used to part-finance the acquisition of 10,000 hectares of plantation land within the next three years.
The IPO is expected to raise RM928 million.
A sum of RM96 million will be used for replanting efforts and capital expenditure, RM390 million to repay debts with Boustead Holdings Bhd and RM22 million for estimated fees and expenses for the IPO.
BPB made its debut on Bursa Malaysia’s main market yesterday at a premium of six sen for RM1.66 and over its initial RM1.60 sen offer price, with 6.573 million shares changing hands. — Bernama