Verdant Solar Holdings Bhd managing director Lim Tzer Haur (left) and Mercury Securities Sdn Bhd managing director Chew Sing Guan (right).
KUALA LUMPUR: Verdant Solar Holdings Bhd
has entered into an underwriting agreement with Mercury Securities Sdn Bhd for its proposed listing on the ACE Market of Bursa Malaysia in October 2025.
Verdant is a provider of engineering, procurement, construction and commissioning (EPCC) as well as operations and maintenance services for solar photovoltaic systems in Malaysia.
Verdant said in a statement today that the initial public offering (IPO) involves a public issue of 142 million new ordinary shares, with Mercury Securities underwriting 65.89 million issue shares, which comprise 40.89 million issue shares representing the portion made available to the Malaysian public via balloting.
Meanwhile, 25 million issue shares are available for application by the company’s eligible directors, employees and persons who have contributed to the success of Verdant and its subsidiaries.
"The remainder of 76.12 million issue shares will be allocated by way of private placement to selected investors.
"The IPO also involves an offer for sale of 73.59 million existing shares (offer shares) by way of private placement to selected investors,” it said.
Verdant added that the proceeds from the IPO will be utilised to fund the company’s business expansion, which includes the establishment of branch offices in Melaka, Kuantan and Ipoh.
This is intended to better serve customers in several key areas including strategic investments, mergers and acquisitions opportunities and the enhancement of digital infrastructure to strengthen operational excellence.
It noted that the remaining proceeds will be used for working capital and listing expenses.
Mercury Securities is the IPO’s principal adviser, sponsor, sole underwriter and sole placement agent. - Bernama
