KUALA LUMPUR: Solar District Cooling Group Bhd has signed an underwriting agreement with Mercury Securities Sdn Bhd for its initial public offering (IPO) on the ACE Market of Bursa Malaysia.
The IPO will include the issuance of 118.67 million new shares, or 28.00 per cent of Solar District's expanded issued share capital of 423.8 million shares once listed.
A total of 21.19 million shares, equivalent to 5.0 per cent of the enlarged issued share capital, will be allocated for application by the public, with half reserved for Bumiputera investors.
Another 21.19 million shares, also representing 5.0 per cent, will be reserved for application by eligible directors, employees and individuals who have contributed to the company's success.
Additionally, 76.28 million shares, accounting for 18 per cent of the enlarged issued share capital, will be offered through private placement to selected investors.
Mercury Securities will underwrite the entire 42.38 million issue shares allocated for application by the public and eligible individuals.
Solar District managing director Edison Kong said the listing will boost the company's market visibility and reputation, allowing directors, employees, business partners and public investors to be part of the business's growth and ongoing expansion, ultimately enhancing shareholder value.
"This will help scale the group to new heights by tapping new opportunities and responding to the evolving needs of our customers and market trends.
"We remain focused on providing innovative solutions that create value for our customers, striving to exceed their expectations," he said.