SINGAPORE - Malaysian sustainable timber company Jawala Inc has pushed back its trading debut to 2pm on Friday (June 1), instead of 9am as previously announced.
This was due to an unexpected delay in the filing of the return of allotment in Labuan, as it was a public holiday on May 31.
Incorporated in August 2017, Jawala holds a 100-year licence agreement to manage a 11,043 hectare plantation in Sabah's Sapulut Forest Reserve. It harvests and supplies timber from salvage logging to produce sawn timber, veneers and plywood.
Jawala has said that it is seeking to raise S$3.15 million in net proceeds. The company offered a total of 18 million shares (15 per cent of the company) at S$0.25 apiece.