KUALA LUMPUR: Engineering, procurement, construction, and commissioning (EPCC) services company, JS Solar Holding Bhd, plans to go public on Bursa Malaysia's ACE Market through an initial public offering (IPO).
According to its draft prospectus file on Bursa Malaysia, the IPO will consist of up to 97.5 million shares, including a public issuance of 78 million new ordinary shares and an offer for sale of 19.5 million existing shares.
JS Solar said the funds raised from the public issue will be allocated for purchasing and renovating a new office, supporting business expansion and marketing efforts, repaying bank borrowings, providing working capital, and covering estimated listing expenses.
"In order to accommodate the anticipated increase in headcounts to cater for our business expansion, we have identified the new office with a larger built-up area of 16,547 square feet for relocation.
"Upon relocation to the new office, we will terminate our tenancy for the existing rented office in Shah Alam," the company said.
Its office in Shah Alam, which is owned by the company, is up for sale, with the proceeds to be used for working capital and business expansion, the specific purposes of which will be decided later.
"We expect to complete the purchase of the office by the first half of 2025 and commence operations by the second half of 2025."Upon relocation, we plan to expand our headcount to scale up operations, particularly for Design and Technical and operations and maintenance (O&M) departments.
"The total cost to be incurred for the expansion of headcount will be funded via internally generated funds," it added.