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PETALING JAYA: Sunview Group Bhd, an end-to-end solar photovoltaic system construction player, has obtained approval from Bursa Malaysia to list on the ACE Market.
In conjunction with its listing, Sunview’s initial public offering (IPO) exercise will comprise a public issue of 118 million new shares, representing about 25.21% of its enlarged issued share capital upon listing, the company said in a statement yesterday.
Of the 118 million new shares, 23.60 million or 5.04%, will be made available for application by the Malaysian public, while nine million shares or 1.92%, will be made available for application by eligible directors, employees and persons who have contributed to the success of the group.
The remaining 85.40 million shares or 18.25% will be made available for application to selected investors via private placements.
Sunview’s chief executive officer Ong Hang Ping said: “With demand for renewable energy on the rise in recent years, we believe that our listing exercise comes at an opportune time.,
“Furthermore, the Ministry of Energy and Natural Resources had committed to increase the use of renewable resources for power generation to 31% of the total installed capacity in Malaysia by 2025 and 40% by 2035 under Malaysia’s Transition Plan.
“This bodes well with our growth plans going forward,” he added.
Ong said the approval to list on the ACE Market would allow Sunview to embark on its next phase of growth, and help it further solidify its footing in the renewable energy segment.
Sunview is expected to list in the fourth quarter of 2022. Alliance Islamic Bank Bhd is the principal adviser, sponsor, sole underwriter and placement agent for this IPO exercise.