Success Story: Jawala Inc

Jawala Inc
Jawala Inc


Industrial Tree Plantation

Customer Profile

Jawala Inc., listed on SGX, is a forest resource company focusing on industrial tree plantations in Malaysia’s Sabah state and specializes in sustainable management of forestry resources, and planting and extraction of timber. It holds a 100-year license agreement to manage a 11,043 hectare plantation in Sabah's Sapulut Forest Reserve.



Tricor Services

Pre-IPO Governance, Risk and Compliance Services, Internal Audit Services and Sustainability Reporting Advisory

Customer Since


Preparing for an IPO in Singapore

There are many challenges a company faces when going to market. Tricor Axcelasia helped us develop robust corporate governance and internal controls to prepare for our IPO, implementing best practices and instilling a forward-thinking, risk-aware mindset across our organization.

Datuk Jema Khan, Executive Chairman & CEO


Jawala Inc. required pre-IPO governance, risk and compliance services in preparation for its listing on the Catalist Board of the SGX-ST as Malaysia’s first sustainable resource company.

The client needed a partner to help implement a top-down, risk-based approach to optimize their compliance functions, systems and processes.

Tricor Axcelasia Solution

Tricor Axcelasia provided a full scope of pre-IPO services to Jawala Inc., including internal control assessment, enterprise risk management advisory, standard operating procedures, and corporate governance advisory. 

Tricor Axcelasia's pre-IPO internal control review empowered the principal advisor with a risk-based assessment to pinpoint internal control gaps and allow the management team to close these areas prior to the IPO exercise. 

Following the completion of Jawala’s IPO in Singapore, Tricor Axcelasia was appointed to assess the risk management framework and implementation of internal controls on an ongoing basis.

Results and Key Benefits

Tricor Axcelasia helped to ensure the adequacy and efficiency of Jawala Inc.'s internal control procedures. 

With the support of Tricor Axcelasia's pre-IPO services, Jawala Inc. was able to elevate their governance, risk and compliance practices and achieve a strong debut in the capital markets. The IPO of Jawala closed with its public offer tranche subscribed 18.5 times. The 400,000 shares it offered for public subscription at .25 SGD per share resulted in a 7.4 million share issuance. Through the offering, Jawala raised approximately $3.2 million SGD in net proceeds.

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