NEWS IN BRIEF: JULY 27, 2022

OPENSYS (M) BHD has obtained approval from the Securities Commission Malaysia for its proposed transfer listing from ACE Market to the Main Market of Bursa Malaysia. 

In a statement today, the financial services, telecommunications and utilities industries solutions provider said it has fulfilled the requirement of achieving a minimum cumulative net profit of RM20 million in the past three years. 

“OpenSys’ proposed transfer to the Main Market is subject to further approval from Bursa Securities and its extraordinary general meeting on a date to be determined later.

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“Barring unforeseen circumstances, the transfer would be completed in the third quarter of 2022,” it added.

-- BERNAMA

JENTAYU SUSTAINABLE BHD's shareholders have approved the proposed sale of a leasehold land in Petaling Jaya, Selangor to Beacon ACM Sdn Bhd, as well as a private placement of up to 30 per cent of its total issued shares during its extraordinary general meeting today. 

Both proposals are expected to raise up to RM78 million in cash, which will mainly be utilised to partially finance Project Oriole in Sabah, one of the nation’s largest run-of-river hydropower projects, it said in a statement today. 

The RM2.56 billion project is scheduled for completion by 2026 and will have a total installed capacity of up to 170 megawatts and an annual generation capacity of around 920 gigawatt hours, or approximately 16 per cent of Sabah’s total electricity demand. 

Meanwhile, the company is also finalising the proposed acquisition of Telekosang Hydro One Sdn Bhd and Telekosang Hydro Two Sdn Bhd small hydropower plants in Sabah that boasts a combined power output of 40 megawatts.

-- BERNAMA 

SUNVIEW GROUP BHD has secured Bursa Malaysia Securities Bhd’s approval to list on the ACE Market in the fourth quarter of this year. 

The solar photovoltaic system construction player’s initial public offering (IPO) exercise entails a public issue of 118 million new shares, representing approximately 25.21 per cent of its enlarged issued share capital upon listing. 

About 23.6 million of the new shares will be made available for application by the Malaysian public, while 9.0 million shares will be made available for application by eligible directors, employees and persons who have contributed to the success of the group. 

The remaining 85.4 million shares will be made available for application to selected investors via private placements, it said in a statement today. 

-- BERNAMA 

UNIQUE FIRE HOLDINGS BHD has announced that its public issue of 83.75 million shares under its initial public offering (IPO) has been oversubscribed. 

In a Bursa Malaysia's filing today, it said 2,508 applications for 121.5 million shares with a value of RM31.59 million were received from the Malaysian public compared to its offering of 20 million shares, an oversubscription of 5.08 times. 

It said the portion for the eligible directors, employees and selected persons (8.0 million shares); Bumiputera investors (50 million shares) and selected investors (5.75 million shares) have also been fully subscribed. 

For the Bumiputera public portion, a total of 1,481 applications for 55.26 million shares were received, representing an oversubscription rate of 4.53 times. 

Meanwhile, for the remaining Malaysian public portion, a total of 1,027 applications for 66.24 million shares were received, which represented an oversubscription rate of 5.62 times. 

-- BERNAME

AME ELITE CONSORTIUM BHD has appointed Hong Leong Investment Bank Bhd  (HLIB) as the principal adviser, sole underwriter, and joint bookrunner together with RHB Investment Bank Bhd to facilitate AME Real Estate Investment Trust's (REIT) Main Market listing. 

The initial public offering (IPO) exercise entails an offering of 254.8 million units, representing 49 per cent of the total 520 million units in AME REIT.

HLIB will underwrite 18.2 million of the offer units, comprising 10.4 million units made available to the Malaysian public and 7.8 million units to eligible directors and employees of AME Elite and its subsidiaries, it said in a statement today. 

-- BERNAMA