PETALING JAYA: Elsa Bhd is eyeing a listing on the ACE Market of Bursa Malaysia.
The company is principally involved in the provision of oil and gas service and equipment solutions which include, amongst others, oilfield service solutions, talent solutions, digital solutions as well as robotics and engineering solutions.
In its prospectus exposure, released today, the company said its initial public offering (IPO) will entail the public issue of 118.4 million new ordinary shares.
The company said proceeds from the IPO will be used to fund consultant-related expenses for the oilfield service solutions and digital solutions segments, as well as to procure drones for the provision of robotics and engineering solutions.
“As an asset-light company, we do not own proprietary technology or manufacture our own products. We source and establish agency-principal relationships with our technology partners, whereby we serve as agents to our technology partners, who are the principals.”
Malacca Securities Sdn Bhd is the sponsor of the company’s IPO.
