Elridge to raise RM101.5mil from IPO

KUALA LUMPUR: Elridge Energy Holdings Bhd (EEHB), on route to a listing on Bursa Malaysia’s ACE Market on Aug 22, aims to raise RM101.5mil through its initial public offering (IPO).

EEHB is an investment holding company, with wholly owned subsidiary Bio Eneco Sdn Bhd specialising in manufacturing and trading of biomass fuel products, with a focus on palm kernel shells and wood pellets.

“Based on an issue price of 0.29 sen per share and an enlarged share capital of two million shares, EEHB will have a market capitalisation of RM580mil upon listing,” the company said. — Bernama