KUALA LUMPUR: ES Sunlogy Bhd, a mechanical and electrical (M&E) engineering services and renewable energy solutions provider, aims to raise RM42 million through its upcoming listing on the ACE Market.
The company plans to issue 140 million new ordinary shares priced at 30 sen per share.
RM14.1 million of the proceeds will be allocated to the development and construction of the Selarong Large-Scale Solar Photovoltaic (LSSPV) Plant, underscoring ES Sunlogy's commitment to renewable energy.
Additionally, RM14 million will be used to repay borrowings and RM9.2 million will support the company's working capital needs.
Meanwhile, RM0.7 million will go towards acquiring an enterprise resource planning (ERP) system to enhance operational efficiency and RM4 million will cover IPO expenses.
ES Sunlogy managing director Khor Chuan Meng said, "The funds raised will enable us to accelerate our efforts in delivering high-quality M&E engineering solutions while advancing Malaysia's renewable energy agenda."
"Our focus remains on sustainability, innovation, and creating long-term value for all our stakeholders," he added.
M&A Securities Sdn Bhd is the principal adviser, sponsor, underwriter, and placement agent for this IPO.