ACE market-bound Sunview set to raise RM34 mln from IPO

KUALA LUMPUR: Renewable energy (RE) company Sunview Group Bhd, which is en route for a listing on the ACE Market of Bursa Malaysia on Oct 17, expects to raise RM34.22 million from its initial public offering (IPO).

This will be done via the issuance of 118 million new shares, representing 25.21 per cent of the enlarged issued shares of Sunview, at an issue price of 29 sen per share.

The company is mainly involved in engineering, procurement, construction, and commissioning (EPCC) as well as construction and installation services of solar photovoltaic (PV) facilities, solar power generation, and supply.

The group’s chief executive officer Ong Hang Ping said the group plans to leverage on its track record to secure new contracts to boost its order book in the solar PV business and expand the solar power generation and supply business to build a strong recurring income stream.