KUALA LUMPUR: Shares in Solar District Cooling Group Bhd (SDCG) climbed 31.58% upon its debut on the ACE Market of Bursa Malaysia, following an intial public offering (IPO) that raised RM45.09mil.
The company, which supplies building management systems (BMS), solar thermal systems and energy saving services, saw its stock hit the market at 50 sen a share, a 12 sen premium to its IPO price.
After rising to an intraday high of 56 sen a share, the buying eased to settle at 51.5 sen a share at 9.45am, after 85.32 million shares traded.
Post-listing, SDCG independent non-executive chairman Khairul Azmy Kamaluddin said the company will continue to focus on advancing its BMS and solar thermal systems, enhancing energy efficiency, and promoting environmental stewardship.
"With this listing, we are well-positioned to accelerate our expansion plans, particularly in solar photovoltaic offerings, and to strengthen our capacity to bid for larger and more complex projects.
"Our commitment to sustainability will guide us as we seize new opportunities and create lasting value for our shareholders and stakeholders," he said in a statement.
Of the IPO proceeds, about 41.5%, or RM18.7mil, has been allocated for purchasing materials for the building management systems (BMS) and solar thermal systems segments.
Additionally, 28.1%, or RM12.67mil, will go towards general working capital, while 11.1%, or RM5mil, is earmarked for tender bonds for future projects.
Capital expenditure will account for RM2.52mil, or 5.6% of the proceeds.
Separately, RM1.9mil, or 4.2%, will be used for expanding the company’s headquarters in Kajang, Selangor.
The remaining 9.5%, or RM4.3mil, will be used to cover listing expenses.
Yesterday, the group announced it had bagged two contracts worth a total of RM8.13mil to undertake works for Avisena Healthcare Sdn Bhd’s 11-storey hospital in Section 14, Shah Alam
In a filing with Bursa Malaysia, the group said its wholly-owned subsidiary, Solar District Cooling Sdn Bhd had accepted two letters of award from Mitrajaya Construction Sdn Bhd for the sub-contract works.
Mitrajaya Construction is the wholly-owned unit of the Main Market-listed Mitrajaya Holdings Bhd
.
