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KUALA LUMPUR, April 22 -- Pekat Group Bhd, a solar photovoltaic (PV) and earthing and lightning protection (ELP) specialist, is seeking a listing on the ACE Market of Bursa Malaysia.
In conjunction with the initial public offering (IPO) exercise, it signed an underwriting agreement with M&A Securities Sdn Bhd today, the company said in a statement.
Managing director Chin Soo Mau said the signing of the agreement not only showed the underwriter’s confidence in Pekat, but also took the company a step closer towards listing on the local stock exchange.
“The listing will enable us to tap into the equity capital market to raise funds to build a new head office and operational facility as we expand our solar PV and ELP businesses,” he said.
Chin said the IPO proceeds would generally be used to expand Pekat’s operations to take advantage of the upcoming growth in the solar PV industry, which would help the company to expand its capabilities.
The IPO involves the issuance of 138.67 million new shares in Pekat representing 21.5 per cent of the enlarged issued share capital.
Under the agreement, M&A Securities will underwrite a total of 48.37 million new shares made available for the Malaysian public and its eligible directors, employees as well as persons who have contributed to the group’s success.
The remaining 90.30 million new shares will be placed out to selected Bumiputera investors approved by the Ministry of International Trade and Industry and selected investors.
Pekat’s substantial shareholders include Hextar Holdings Sdn Bhd, the main shareholder of Main Market-listed Hextar Global Bhd.