PETALING JAYA: Sunview Group Bhd, an end-to-end solar photovoltaic system construction player, has obtained the approval from Bursa Malaysia Securities Bhd to list on the ACE Market of Bursa Securities.
In conjunction with its listing, Sunview’s initial public offering (IPO) exercise will comprise a public issue of 118 million new shares, representing 25.21% of its enlarged issued share capital upon listing. About 23.6 million of this 118 million new shares or 5.04% will be made available for application by the Malaysian public while 9 million shares or 1.92% 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 or 18.25% will be made available for application to selected investors via private placements.
Sunview CEO Ong Hang Ping said with demand for renewable energy on the rise in recent years, it believes its listing exercise comes at an opportune time. Furthermore, the Ministry of Energy and Natural Resources had committed to increase the use of renewable resources for power generation to 31% of the total installed capacity in Malaysia by 2025 and 40% by 2035 under Malaysia’s Transition Plan. This bodes well with its growth plans going forward.
“The approval to list on the ACE Market of Bursa Securities allows us to embark on our next phase of growth, and we believe that the IPO exercise will help us further solidify our footing in the renewable energy segment.”
Sunview is expected to list in the fourth quarter of 2022. Alliance Islamic Bank Bhd is the principal adviser, sponsor, sole underwriter and placement agent for this IPO exercise.
