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Samaiden Group Bhd has acquired approval from the authorities to list on the ACE Market of Bursa Malaysia Securities Bhd, the solar photovoltaic systems and power plants firm said in a statement.
The group’s initial public offering (IPO) includes a public issue of 61.16 million new ordinary shares, whereas 10.5 million shares will be made available for application by the Malaysian public. Another 23.36 million shares will be made available to identified investors, 21 million shares to Bumiputera investors and 6.3 million shares for eligible directors, employees and persons.
The bulk of the IPO proceeds will be used for the group’s working capital, business expenditure as it taps into regional markets starting with Vietnam, purchase of corporate office with storage facilities, and capital expenditure as the group expands by undertaking more engineering, procurement, construction and commissioning (EPCC) projects of renewable energy facilities.
Group MD Chow Pui Hee said that “The EPCC service provider has won several projects under the large-scale solar (LSS1) and LSS2 programmes”.
Samaiden continues to expand its businesses by undertaking more engineering, procurement, construction and commissioning (EPCC) projects of renewable energy facilities, she added.
“We are in the renewable energy industry; an industry that is not only exciting, but also one that enables us to make a greener earth,” she concluded.