KUALA LUMPUR (Sept 2): Sunview Group Bhd on Thursday (Sept 1) penned an underwriting agreement with Alliance Islamic Bank Bhd (AIS) for its initial public offering (IPO) exercise and listing on the ACE Market of Bursa Malaysia.
In a statement, the end-to-end solar photovoltaic (PV) system construction player said the IPO exercise entails the public issue of 118 million new shares, with AIS agreeing to underwrite 32.6 million shares.
It said the new shares represent 25.21% of the enlarged issued share capital upon listing, of which 23.6 million shares will be made available for application by the Malaysian public while nine million shares will be made available for application by eligible directors, employees and persons who have contributed to the success of the group.
Another 85.4 million shares will be made available for application by selected investors via private placement, Sunview said.
Sunview chief executive officer Ong Hang Ping said the demand for solar PV equipment has been on an uptrend as more companies are transitioning towards “net zero” through the various government-initiated renewable energy programmes.
“We would like to capitalise on this opportunity and ride on this wave. We intend to utilise our proceeds to further grow the business to reach greater heights. The proceeds will be allocated towards business expansion, capital expenditure, working capital requirements, as well as to repay bank borrowings and defray the estimated listing expenses,” he said.
Sunview is involved in the provision of engineering, procurement, construction and commissioning of solar PV facilities for commercial and industrial (C&I) and residential buildings.
On July 27, Sunview received the nod from Bursa Malaysia to list on the ACE Market, and is expected to make its debut in the fourth quarter of this year.
AIS is the principal adviser, sponsor, sole underwriter and placement agent for this IPO exercise.