KUALA LUMPUR: JS Solar Holding Bhd
has inked an underwriting agreement with TA Securities Holdings Bhd in conjunction with its upcoming initial public offering (IPO) enroute to a listing on the ACE Market of Bursa Malaysia.
JS Solar is expected to be listed by the third quarter of financial year 2025.
The solar photovoltaic (PV) system company said in a statement that the IPO exercise entails a public issue of 78 million new ordinary shares, representing 24% of the group’s enlarged issued share capital, along an offer for sale of 19.5 million existing shares, representing 6% of the enlarged issued share capital.
“Of the 78 million issue shares, 16.25 million will be made available to the Malaysian public via balloting; and 19.5 million issue shares to eligible directors, employees and other persons who have contributed to the success of the group (pink form allocation).
“The remaining 42.25 million issue shares will be made available by way of private placement to selected investors,” it said. “The 19.5 million offer shares will be made available by way of private placement to selected investors.”
Pursuant to the underwriting agreement, TA Securities has agreed to underwrite a total of 35.75 million issue shares made available to the Malaysian public and pink form allocation.
JS Solar, through its subsidiaries, principally provides engineering, procurement, construction and commissioning services and contracting services for solar PV systems, along with operations and maintenance services.
Its managing director Johnson Chai Jeun Sian said the signing of the underwriting agreement with TA Securities brings them one step closer to their upcoming listing on the ACE Market. — Bernama
