Malaysian timber firm Jawala debuts in SGX's Catalist

It has a $30m market capitalisation.

The Singapore Exchange (SGX) has welcomed Malaysian tinder firm Jawala to the Catalist Board at 26.5 cents. Operating under stock code 1J7, Jawala is the 206th company in the board.

“Our IPO on the Catalist Board marks the beginning of a new chapter for Jawala as we pursue regional expansion, leveraging on the good business reputation of the SGX,” Jawala executive director and CEO Datuk Jema Khan commented.

With a market capitalisation of $30m, the Sabah-based firm is looking into using proceeds for their plantation development.

“SGX looks forward to supporting the company as it looks to expand its business and invest in business efforts to improve yields, wood quality, and sustainable practices,” SGX equity capital market head and capital market development head Mohamed Nasser Ismail said.

Jawala operates an area of around 1.2b sqft (1,043 ha) in Sabah’s Sapulut Forest Reserve. Their logs are sold to customers for production of sawn timber, veneer, and plywood.