Samaiden gets green light to list on ACE Market

by FARA AISYAH / pic by TMR FILE PIX

Samaiden Group Bhd has obtained 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 yesterday.

The group’s initial public offering (IPO) involves the public issue of 61.16 million new ordinary shares, where 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 who have contributed to the company’s success.

The bulk of the IPO proceeds will be utilised 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.

The EPCC service provider has won several projects under the large-scale solar (LSS1) and LSS2 programmes, its group MD Chow Pui Hee said.