Mewah plans US$500 million IPO in Singapore

SINGAPORE: Mewah Group, a palm oil firm with refineries in Malaysia, is planning to raise as much as US$500 million (US$1 = RM3.22) in a Singapore initial public offering (IPO) for expansion, two sources involved in the IPO said yesterday.

The planned listing, which will result in new investors owning 12-20 per cent of Mewah's enlarged share capital, is scheduled for the fourth quarter of this year, sources said. Credit Suisse and BNP Paribas are managing the offer, they added.

Mewah, whose main shareholders are Singaporean, owns three palm oil refineries in Malaysia and produces vegetable oil products include cooking oil, margarine and specialty fats used in ice cream, according to its website (www.mewahgroup.com). The refineries, namely; Ngo Chew Hong Oils & Fats (M) Sdn Bhd,  Mewaholeo Industries Sdn Bhd and Mewah-Oils Sdn Bhd are located at Semenyih, Pasir Gudang and Pulau Indah.

The firm also has several sister firms in Singapore whose activities range from marketing Mewah products to providing transport and warehousing services. "The group has approximately US$2 billion turnover (and) the refineries have a combined output of about 2.5 million tons per annum," a source familiar with Mewah said.

Mewah preferred to be described as a "Singapore-based group with refineries in Malaysia" rather than as a Malaysian firm, he added. - Reuters

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