KUALA LUMPUR: SumiSaujana Group Bhd has received approval from Bursa Malaysia Securities Bhd for its listing on the ACE Market.
The company's initial public offering (IPO) comprises the issuance of 310 million new shares and an offer for sale of up to 90 million shares, representing 27.71 per cent of its enlarged issued share capital.
SumiSaujana has built a strong track record in manufacturing and supplying specialty chemicals for oil and gas (O&G) applications, including drilling fluid, production, and refinery chemicals since established in 2010.
Over the years, SumiSaujana has become a trusted partner for top-tier global O&G service providers, production and refinery companies, and chemical manufacturers across the Asia Pacific, Middle East and North America regions.
The IPO proceeds will be used to fund key initiatives that align with SumiSaujana's growth strategies, such as acquiring its current Puncak Alam manufacturing facility to secure its production base and acquiring a new warehouse and a new corporate office.
The strategies will support additional capacity expansion, further complemented by new reactors, hybrid blend-reactor tanks, and storage tanks, as well as installation of solar photovoltaic system at the current manufacturing facility and establishing a new research and development laboratory in the new corporate office.
The upgrades are set to enhance production capacity and meet increasing customer demand of the group.
To drive international growth, SumiSaujana is exploring opportunities to establish new production facilities and joint ventures in foreign countries within the North America and the Middle East regions.
The strategic initiatives will expand the group's market presence and position it as a competitive player in the global O&G specialty chemicals industry.
Its executive director and chief executive officer Norazlam Norbi said the listing will provide the capital needed to fuel growth plans and further strengthen reputation as a reliable provider of high-quality O&G specialty chemicals.
He added that it also enables the company's to expand reach into new markets while maintaining commitment to sustainability and innovation.
"Our goal is to consistently deliver value through cutting-edge solutions tailored to meet the evolving needs of the O&G industry.
"With the IPO, we are ready to elevate SumiSaujana to new heights and solidify our position as a trusted and reputable player in the global market," he said.