End-to-end solar photovoltaic (PV) system Sunview Group Bhd has entered an underwriting agreement with Alliance Islamic Bank Bhd in lieu of its initial public offering (IPO) exercise and listing on the ACE Market of Bursa Malaysia.
The company has stated that the IPO will involve the public issuance of 118 million new shares, 25.21% of which will represent its construction player’s enlarged issued share capital upon listing.
Additionally, 23.6 million shares will be made available for application by the Malaysian public and another nine million shares for application by eligible directors, employees and persons who have contributed to the success of the company.
Sunview’s chief executive officer Ong Hang Ping has said that the demand for solar PV equipment has been on an uptrend as more companies are transitioning towards net-zero through the various government-initiated renewable energy programmes.
“We would like to capitalise on this opportunity and ride on this wave. We intend to utilise our proceeds to further grow the business to reach greater heights.”
“The proceeds will be allocated towards business expansion, capital expenditure, working capital requirements, as well as to repay bank borrowings and defray the estimated listing expenses.”
Sunview is expected to be listed in the fourth quarter of 2022, with Alliance Islamic to act as the principal adviser, sponsor, sole underwriter and placement agent for the IPO exercise and underwrite a total 32.6 million shares.