KUALA LUMPUR (Aug 12): Samaiden Group Bhd, which is mainly in the business of building solar photovoltaic (PV) systems and power plants, has been given the nod to list on the ACE Market of Bursa Malaysia Securities Bhd.

In a statement today, Samaiden said its initial public offering (IPO) exercise involves the public issue of 61.16 million new shares, where 10.5 million shares will be made available for application by the Malaysian public.

It said another 23.36 million shares will be made available to identified investors, 21 million shares to Bumiputera investors and 6.3 million shares will be made available for eligible directors, employees and persons who have contributed to the success of the company.

Samaiden group managing director Ir Chow Pui Hee said the bulk of the IPO proceeds will be utilised for the firm’s working capital, business expenditure as it taps into regional markets (starting with Vietnam), purchase of corporate offices with storage facilities as well as capital expenditure.

She said Samaiden continues to expand its businesses by undertaking more engineering, procurement, construction and commissioning (EPCC) projects of renewable energy facilities.

“As such, we are hopeful that our expansion will go hand in hand with the listing, enhancing our financial position and our corporate profile.

“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 said.

Chow said being an EPCC service provider, Samaiden is equipped with the expertise to provide end-to-end services — from the provision of renewable energy and environmental consulting services up to the EPCC of such projects, and thereafter providing operations and maintenance services for completed projects.

“We have won several projects under the large-scale solar (LSS) programmes 1 and 2.

“Therefore, leveraging on our experience and know-how, we are optimistic that we will be able to grow our business rapidly, as we remain committed to delivering sustainable value to our shareholders and stakeholders, alike,” she said.

Alliance Investment Bank Bhd is the principal adviser, sponsor, sole underwriter and placement agent for Samaiden’s IPO.