Solar power systems specialist Samaiden secures approval to list on ACE Market

12 Aug 2020 / 22:07 H.

PETALING JAYA: Samaiden Group Bhd, principally involved in the engineering, procurement, construction and commissioning (EPCC) of solar photovoltaic (PV) systems and power plants, has obtained approval to list on the ACE Market of Bursa Malaysia Securities.

In conjunction with the listing, Samaiden’s initial public offering (IPO) involves the public issue of 61.16 million new shares, where 10.5 million shares will be made available for application by the Malaysian public.

Another 23.36 million shares will be made available to identified investors, 21 million shares to bumiputra investors and 6.3 million shares to be made available for eligible directors, employees and persons who have contributed to the success of the company.

Samaiden group managing director Chow Pui Hee said the bulk of the IPO proceeds will be used for working capital, business expenditure as it taps into regional markets (starting with Vietnam), purchase of corporate office with storage facilities as well as capital expenditure, as it continues to expand its businesses by undertaking more EPCC projects of renewable energy facilities.

“As such, we are hopeful that our expansion will go hand in hand with the listing, enhancing our financial position and our corporate profile. We are in the renewable energy industry; an industry that is not only exciting, but also one that enables us to make a greener earth,” Chow said in a statement.

Being an EPCC service provider, Samaiden is equipped with the expertise to provide end-to-end services – from the provision of renewable energy and environmental consulting services up to the engineering, procurement, construction and commissioning of such projects, and thereafter providing operations and maintenance services for completed projects.

“We have won several projects under the LSS1 and LSS2 programmes. Therefore, leveraging on our experience and know-how, we are optimistic that we will be able to grow our business rapidly, as we remain committed to delivering sustainable value to our shareholders and stakeholders alike,” she said, referring to large-scale solar projects.

Alliance Investment Bank Bhd is the principal adviser, sponsor, sole underwriter and placement agent for Samaiden’s IPO.

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