Samaiden to raise RM29.35m via IPO
KUALA LUMPUR: Samaiden Group Bhd is raising RM29.35 million via an initial public offering (IPO) exercise with the public issuance of 61.15 million new shares at 48 sen each.
The renewable energy (RE) solutions provider is expected to debut on the ACE Market of Bursa Malaysia on Oct 15.
Group managing director Chow Pui Hee said the company’s listing was timely for it to gain access to the capital markets to bolster future expansion.
“About 57 per cent of the proceeds will be used for working capital and capital expenditure.
“About 24 per cent will be used to purchase a new office with facilities to store solar photovoltaic (PV) modules and related equipment and parts.
“Another nine per cent will be used to establish sales and technical offices in Penang, Sabah and Vietnam. The balance will be used to defray listing expenses,” she said after launching the company’s prospectus yesterday.
Samaiden’s enlarged share capital upon listing will stand at RM36.8 million, comprising 210 million shares with a market capitalisation of RM100.8 million.
About 10.5 million of the new shares are allocated for the public, 6.3 million shares for eligible directors or employees, 23.36 million shares for selected investors and 21 million shares for Bumiputera investors.
Samaiden is principally involved in the engineering, procurement, construction and commissioning of solar PV systems and power plants. Its business activities include the provision of RE and environmental consulting services, operations and maintenance services.
Chow said the company would venture into building, owning and operating a 1.2-megawatt, alternating current integrated biogas power generation plant in Bachok, Kelantan.
It also wants to invest in a solar PV power plant in Sungai Petani, Kedah.
Up to last month, Samaiden’s order book stood at RM31 million.
Chairman Datuk Dr Nadzri Yahaya said the company would benefit from initiatives by the government to increase the utilisation of RE resources to reduce dependence on fossil fuel.