Sunview Group Bhd CEO Ong Hang Ping
PETALING JAYA: Sunview Group Bhd
will offer 118 million new shares to the public in its initial public offering (IPO) and listing on the ACE Market of Bursa Malaysia.
The 118 million new shares represent 25.21% of the end-to-end solar photovoltaic (PV) system construction player’s enlarged issued share capital upon listing.
Some 23.6 million of the new shares will be made available for application by the public while 85.4 million shares will be offered to selected investors via private placement.
Another nine million shares will be offered for application to eligible directors, employees and persons who have contributed to the success of the company, Sunview stated in a release.
Alliance Islamic Bank Bhd will act as the principal adviser, sponsor, sole underwriter and placement agent for this IPO exercise and underwrite 32.6 million of the IPO shares.
“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,” said Sunview’s CEO Ong Hang Ping.
He added Sunview intends to utilise the proceeds raised on business expansion, capital expenditure, working capital requirements as well as to repay bank borrowings and defray the estimated listing expenses.
Sunview is expected to list in the fourth quarter of 2022. The group is principally involved in the provision of engineering, procurement, construction and commissioning of solar PV facilities for industrial, commercial and residential buildings.
It also undertakes solar PV construction and installation services, solar power generation and supply.
It is registered under Sustainable Energy Development Authority Malaysia as a solar service provider and solar PV investor, certified contractor with Tenaga Nasional Bhd, electrical contractor and energy service company under Suruhanjaya Tenaga and a G7 contractor of the Construction Industry Development Board.
