IPO Teo Seng Capital Bhd/Leong Hup

Farming operator Teo Seng Capital Bhd, a sub-subsidiary of integrated poultry company Leong Hup Holdings Bhd, wants to increase its market share in Singapore and Peninsula Malaysia through acquisitions, its chairman Lau Jui Peng said.

Its current market share in the peninsula is about 6%-7%. They are targeting to achieve a market share of 10%. As for its export to Singapore, it is currently 20% (of its total production), but they hope to increase that to 30% by next year (2009)

Teo Seng expects to raise a total of RM17.37 million, whereby RM7.5 million would be used to acquire Success Century. Another RM6.21 million would go to repaying loans, RM1.87 million for working capital and the remainder to pay listing expenses.