Singapore Exchange (SGX) has announced that it has just welcomed Jawala Inc to its Catalist under the stock code “1J7”.
Jawala Inc is a forest resource company based in Malaysia with a focus on industrial tree plantations situated in Sabah. Its main business is the management of forestry resources, and the planting and extraction of timber. It manages a 11,043-hectare licensed area in the Sapulut Forest Reserve in Sabah. The logs produced from salvage logging are sold to domestic customers for the production of sawn-timber, veneer and plywood.
Datuk Jema Khan, Executive Director and CEO of Jawala Inc, said:
Our IPO on the Catalist Board marks the beginning of a new chapter for Jawala as we pursue regional expansion, leveraging on the good reputation of the Singapore Exchange. Besides our solid business fundamentals and high-growth operating environment, we are proud to work alongside an experienced management team with decades of industry expertise under its belt. Moving forward, we will dedicate our efforts to ensuring the sustainability of our business and generating maximum returns for our shareholders.
Mohamed Nasser Ismail, Head of Equity Capital Market (SME) and Head of Capital Market Development at SGX, added:
We are pleased to welcome Jawala Inc, a timber company focused on managing and developing industrial tree plantations using sustainable forest management practices, to Catalist. SGX looks forward to supporting the company as it looks to expand its business and invest in research efforts to improve yields, wood quality and sustainability practices.
With a market capitalisation of about S$30 million, the listing of Jawala Inc brings the total number of companies listed on Catalist to 206, with a combined market capitalisation of about S$12 billion.
Jawala Inc opened at S$0.265 today.