Elsa Gets Bursa Malaysia Approval For ACE Market Listing

KUALA LUMPUR, March 12 (Bernama) -- Oil and gas integrated service provider Elsa Bhd has received approval from Bursa Malaysia Securities Bhd to list on the ACE Market of Bursa Malaysia.

The listing is targeted for the second quarter of 2026 (2Q 2026).

“The approval represents a significant milestone in the group’s corporate journey as Elsa prepares to become a publicly listed company, providing the platform to further strengthen our presence as an integrated provider of O&G service solutions,” managing director Daniel Ilham said in a statement today. 

Elsa said the exercise comprises a public issue of 118.4 million new shares and an offer for sale of 36.4 million existing shares.

It said proceeds from its initial public offering (IPO) will drive the expansion of its robotics and inspection capabilities, as well as strengthen its technical workforce.

“The IPO proceeds will be directed across three areas. The largest allocation supports the expansion of Elsa’s oilfield service and digital solution segments, followed by an allocation to enhance its robotics and inspection capabilities, including the acquisition of specialised equipment and technology that enable more efficient asset inspection for upstream clients.

“The remainder provides working capital headroom to execute contracts as the pipeline expands,” it added.

Malacca Securities Sdn Bhd acts as principal adviser, sponsor, underwriter, and placement agent for the proposed listing exercise.

-- BERNAMA