KUALA LUMPUR: Oil and gas speciality chemicals manufacturer SumiSaujana Group Bhd has received the nod from Bursa Malaysia to list on the ACE Market.
The group’s initial public offering (IPO) comprises the issuance of 310 million new shares and an offer for sale of up to 90 million shares, representing 27.71% of its enlarged issued share capital.
In a statement, the group said the IPO proceeds will be used to fund its growth including acquiring its current Puncak Alam manufacturing facility to secure its production base.
It will also acquire a new warehouse and a new corporate office, supporting additional capacity expansion, which will be further complemented by new reactors, hybrid blend-reactor tanks, and storage tanks.
Additionally, it plans to install Solar PV system at the current manufacturing facility and establishing a new Research and Development laboratory in the new corporate office.
To drive international growth, the group said it is exploring opportunities to establish new production facilities and joint ventures in foreign countries within the North America and the Middle East regions.
"This listing will provide us with the capital needed to fuel our growth plans and further strengthen our reputation as a reliable provider of high-quality O&G speciality chemicals.
"It also enables us to expand our reach into new markets while maintaining our commitment to sustainability and innovation," said executive director ad CEO Norazlam Norbi.
RHB Investment Bank Bhd is the principal adviser, sponsor, sole underwriter, and sole placement agent for the IPO.
