KUALA LUMPUR: Express Powerr Solutions (M) Bhd has filed a draft prospectus for an initial public offering (IPO) on the ACE Market of Bursa Malaysia.
Express Powerr and its subsidiaries are principally involved in the provision of generator rental services and other related services.
The draft filed on Oct 4, 2024, proposes up to 211.9 million shares, comprising an offer for sale of up to 51.15 million existing shares, as well as a public issue of up to 160.75 million new shares.
Of the new shares, 36.54 million shares will be allocated to the Malaysian public, and 40.19 million shares to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (Miti).
Another 25.57 million of those new shares will be allocated to eligible persons (via pink form allocations), while 57.45 million shares will be placed to select investors through private placement.
According to its filing, Express Powerr said the proceeds from the IPO will be used for purchase of large size generators, purchase of medium and high voltage equipment, general working capital as well as estimated listing expenses.
Meanwhile, it said any money raised from the offer for sale will accrue entirely to its managing director Lim Cheng Ten, which will see him retain a 71 per cent stake in the company, post-IPO.
Mercury Securities Sdn Bhd is the principal adviser, underwriter and placement agent for the IPO.Ends