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ACE Market-bound Samaiden to offer 61m shares in IPO

14 Jan 2020 / 22:38 H.

PETALING JAYA: Samaiden Group Bhd is heading for listing on the ACE Market, with an initial public offering entailing a public issue of 61.16 million new shares.

Of this, 10.5 million shares will be made available to the Malaysian public; 6.3 million will be allocated for eligible directors, employees and persons who contributed to the success of the group; 23.36 million shares will be placed out via a private placement to selected investors; while the remaining 21 million shares will be part of a private placement to selected bumiputra investors approved by Ministry of International Trade and Industry.

Samaiden is involved in engineering, procurement, construction and commissioning of solar photovoltaic (PV) systems and power plants, as well as the provision of renewable energy and environmental consulting services, as well as operations and maintenance services.

According to the group’s prospectus exposure with the Securities Commission Malaysia, part of its future plans and business strategies include leveraging on its experience in providing end-to-end services of solar PV projects to expand its business in Malaysia and Vietnam.

In terms of local expansion, Samaiden plans to establish sales and technical support offices in Johor, Penang and Sabah, set up a new corporate office in Selangor and purchase new equipment and tools as well as IT software and hardware.

The purchase of new equipment and tools is approximately RM1.21 million.

There are also plans to build, own and operate an integrated biogas power generation plant in Kelantan, to generate and capture biogas, which will then be used as feedstock for the gas power generator to produce electricity.

Proceeds from the IPO will go towards the purchase of the corporate office, business expansion and marketing activities, capital expenditure, working capital and estimated listing expenses.

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