PETALING JAYA: Renewable energy company Wasco Greenergy Bhd
is eyeing a listing on the Main Market of Bursa Malaysia.
In its prospectus exposure, released today, the company said said its initial public offering (IPO) will entail the public issue of 150 million new ordinary shares.
Wasco said its IPO will involve an institutional offering of up to 119.50 million shares to Malaysian institutional and selected investors, including Bumiputera investors approved by the Ministry of Investment, Trade and Industry.
Meanwhile, 30.50 million shares will be for eligible directors and employees of Greenergy and its subsidiaries, eligible directors and employees, as well as entitled shareholders and the Malaysian public.
The company said 62.3% of the IPO proceeds will be utilised for expansion through investments, acquisitions and strategic partnership relating to the ownership and operation of biomass steam power plants; while 5.7% will be for expansion of its operations in Indonesia.
The remaining proceeds will be for capital expenditure, digitalisation of business systems and processes, research and development and listing expenses.
