ES Sunlogy Signs Underwriting Agreement With M&A Securities For IPO Exercise

KUALA LUMPUR, Dec 19 (Bernama) -- Mechanical and electrical (M&E) engineering services solutions, ES Sunlogy Bhd has entered into an underwriting agreement with M&A Securities Sdn Bhd for the company’s upcoming initial public offering (IPO) on the ACE Market of Bursa Malaysia.

It said in a statement today that the listing exercise involves the public issue of 140 million new shares, representing 20 per cent of ES Sunlogy’s enlarged share capital of 700 million shares and an offer for sale of 70 million shares, representing 10 per cent of the enlarged share capital.

“Out of 140 million, 35 million shares will be made available via public balloting to the Malaysian public, 17.5 million shares via pink form allocations for eligible directors, employees and persons who have contributed to the success of ES Sunlogy and its subsidiaries and 87.5 million reserved for bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI),” it said.

Meanwhile, ES Sunlogy managing director Khor Chuan Meng said the underwriting agreement signing marks a significant corporate milestone for the company as it embarks on its IPO journey.

“With a solid track record in delivering high quality M&E engineering services and a growing portfolio of renewable energy projects undertaken, we are well positioned to capitalise on the growing demand for sustainable M&E engineering solutions.

“The proceeds to be raised from this IPO will enable us to further strengthen our technical capabilities and expand our existing project portfolios, while also allowing us to grow our footprint in the generation and sales of renewable energy,” he said.

He noted that based on independent market research, sectors such as commercial, residential, industrial, solar and data centres are demonstrating a rising need for energy-efficient and sustainable solutions, positioning the company to effectively meet these customer demands.

-- BERNAMA