Seng Fong signs underwriting agreement Hong Leong Investment Bank

Seng Fong Holdings, a rubber processor producing and training Standard Malaysia Rubber (SMR) and premium grade block rubber, has signed an underwriting agreement with Hong Leong Investment Bank Bhd (HLIB) for its initial public offering (IPO) on the Main Market of Bursa Malaysia. Seng Fong’s managing director Er Hock Lai said that funds raised from the listing exercise will be used for the company’s expansion plans, which include installing two solar system units to generate electricity to build sustainable operations that will result in savings of about RM2.6 million a year. They will also install a biomass system to reduce diesel consumption used to generate fuel for their drier system, which will also save RM3.5 million per year.