KUALA LUMPUR: Power and equipment solutions provider TP TEC Holding Bhd has received approval to list its ordinary shares on the LEAP Market of Bursa Malaysia Securities Bhd by way of introduction.
In a statement, TP TEC said Bursa Securities, in a letter dated Nov 25, 2024, had approved its admission to the official list and the listing and quotation of its entire issued share capital, comprising 250 million shares, on the LEAP Market of Bursa Securities.
Based on its listing reference price of RM0.10, TP TEC is set to have a market capitalisation of RM25 million upon its listing on the LEAP Market.
Ahead of its proposed listing, TP TEC had raised RM2.5mil through a private subscription of Shares exercise that took place in August 2024.
It said the exercise involved the issuance of 25.00 million shares representing 10.00% of the group's enlarged share capital to independent private investors at RM0.10 per share.
It added that 60.00% of the proceeds from this exercise will be used to expand the group's fleet of power generators, helping it meet demand from existing and future customers, while the remaining 40.00% will be used to defray listing expenses.
TP TEC designs and manages power solutions for the telecommunications and construction industries, using its fleet of 899 power generators deployed across Malaysia.
As of Oct 15, 2024, TP TEC has secured nine power generator rental contracts with a total value of more than RM110mil with major telecommunications providers in Malaysia.
“Our proposed listing on Bursa Securities will further strengthen our footing in the power and equipment solutions market, enhancing our corporate profile and contributing to our efforts to expand our customer base," managing director Lau Poh Keong said.
"The listing will enable us to tap the capital markets for future fund-raising activities, improving our ability to pursue new growth opportunities. We also view it as a key step towards our eventual listing on Bursa Securities’ higher-tier markets."
