JS Solar to raise RM24mil from ACE Market listing

From left: JS Solar Holding Bhd promoter and substantial shareholder Ikwan Hafiz Jamaludin, JS Solar independent non-executive chairman Datuk Ir. Ahmad Fauzi Hasan, JS Solar managing director Johnson Chai Jeun Sian, TA Securities Holdings Bhd head of corporate finance Ku Mun Fong and Eco Asia Capital Advisory Sdn Bhd managing director Kelvin Khoo.

PETALING JAYA: ACE Market-bound JS Solar Holding Bhd aims to raise RM24.18mil to fund expansion and strengthen its solar photovoltaic (PV) business.

JS Solar, through its subsidiaries, principally delivers comprehensive engineering, procurement, construction, and commissioning and contracting services for solar PV systems, complemented by operations and maintenance services.

In a statement, JS Solar said that of the RM24.18mil initial public offering (IPO) proceeds, RM12.72mil, or 52.6%, will be used to repay bank borrowings.

About RM3.2mil, representing 13.2%, has been allocated for regulatory fees and renovation costs of a new office, while RM4.2mil, or 17.4%, will go towards listing expenses. A further RM2.51mil, or 10.4%, has been earmarked for working capital, with RM1.5mil, or 6.4%, set aside for business expansion and marketing activities.

The IPO exercise will comprise a public issue of 78 million new ordinary shares, representing 24% of the company’s enlarged issued share capital, along with an offer for sale of 19.5 million existing shares, or 6% of the enlarged share capital.