KUALA LUMPUR: Northern Solar Holdings Bhd has signed an underwriting agreement with M&A Securities Sdn Bhd for its listing on the ACE Market of Bursa Malaysia. The company is tentatively scheduled to list in February 2025.
In a statement, the solar renewable energy specialist said the initial public offering (IPO) entails a public issue of 67.3 million new shares and an offer for sale of 35.6 million existing shares, representing 17% and 9% of the enlarged share capital of Northern Solar respectively.
For the offer for sale portion, 9.9 million shares are reserved for private placement to bumiputra investors approved by the International Trade and Industry Ministry while the remaining 25.7 million shares will be allocated by way of private placement to selected investors.
Northern Solar is involved in the engineering, procurement, construction and commissioning of solar photovoltaic (PV) systems, generation of renewable energy as well as operations and maintenance of solar PV equipment and systems.
Over the years, the company has accumulated an established track record by undertaking different types of on-grid solar PV systems for residential, commercial and industrial buildings under the Net Energy Metering and Self-Consumption programmes.
