Loob Holding is planning an IPO in Malaysia that could potentially raise about RM300 million, according to Bloomberg. Quoting its sources, Bloomberg said the company is considering seeking a valuation of up to RM1 billion.
In a statement to A+M, Loob’s spokesperson confirmed that the company is embarking on a listing exercise, with plans to list in the first half of next year if regulatory approvals can be secured in time. It did not mention the valuation.
“We have engaged corporate advisers for this exercise. We cannot confirm the valuation sought nor the IPO portion, pending final recommendations from our advisers,” the spokesperson said. The spokesperson added that Loob’s businesses are all progressing well and the expansion plans of its flagship Tealive brand in Malaysia and abroad is very much on target.
Separately, Loob aims to hire 1,200 to 1,500 more workers over the next two years as it undertakes an aggressive expansion programme for its brands. Its flagship brand, Tealive, will add approximately 250 outlets in the next two years, bringing the total number of outlets in Malaysia to 500 outlets by mid-2021.
According to CEO Bryan Loo (pictured), this means that Tealive will need over 1,200 workers given an average of five workers per outlet. He added that besides spreading modern-day tea culture among Malaysians, Loob also aims to create more job opportunities for Malaysians. Loob Holding is behind F&B brands including Ko Ko Kai, Gindaco and Define Food.
“As entrepreneurship is one of the core values within Loob as an organisation, it’s only natural that we try to nurture more F&B entrepreneurs from within our ranks. This, we are doing through our human capital policies and talent management programmes,” Loo said.
Among the list of programmes include its partnership with Universiti Teknologi MARA to place their graduates at Tealive outlets for hands-on experience in managing stores. Loob Holding also tied up with Arau Community College in Perlis to offer apprenticeship for its students enrolled in the Food Processing and Quality Control certificate programme.
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