Elridge Energy enters underwriting agreement with KAF IB

Ahmad Fazlee Aziz, co-head and director of corporate finance of KAF Investment Bank (left), and Oliver Yeo, executive director and CEO of Elridge Energy, at the underwriting signing ceremony

KUALA LUMPUR: Elridge Energy Holdings Bhd has inked an underwriting agreement with KAF Investment Bank for its initial public offering (IPO), en route to an August listing on the ACE Market of Bursa Malaysia.

In a statement, the group said the IPO shall entail a public issuance of 350 million new shares, comprising 80 million shares made available to the Malaysian public, 20 million shares to be allocated to eligible directors, employees as well as person who have contributed to the success of the group, as well as 250 million shares allocated to Bumiputera investors, identified and approved by the Ministry of Investment, Trade and Industry.