KUALA LUMPUR: PSP Energy Bhd
has signed with Mercury Securities Sdn Bhd to underwrite 101.54 million initial public offering (IPO) shares allocated to the Malaysian public and Pink Form applicants.
An integrated fuel and lubricant trader and distributor, PSP Energy's listing on the ACE Market is tentatively scheduled for December this year.
The IPO comprises a public issue of 213.8 million new shares, representing 20% of its enlarged issued share capital of 1.07 billion shares upon listing.
There will also be an offer for sale of 74.82 million existing shares, representing 7% of the enlarged issued share capital.
Of the 213.8 million new ordinary shares, 53.44 million will be made available to the Malaysian public via balloting, while 48.1 million new shares will be allocated to eligible directors, employees and persons who have contributed to the success of the PSP Energy Group under the Pink Form allocation.
A further 53.44 million new ordinary shares will be placed out to selected investors via private placement, while the remaining 58.82 million new ordinary shares will be reserved for private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry.
Mercury Securities is the principal adviser, sponsor, underwriter and placement agent for the IPO exercise.
PSP Energy group managing director Ong Chee Seng said the proceeds raised from the public issue will enable PSP Energy to strengthen its capacities, operations and accelerate its growth plans.
"Our key priorities are acquiring an additional bunker vessel to complement of existing fleet of three bunker vessels to expand our bunkering business and commercialising our new bunkering-service hub at the Tanjung Bruas Port, Melaka, tentatively by the first half of 2026.
"We will also use part of the proceeds raised from public issue to purchase additional fuel products and new road tankers to boost supply and distribution capacities," he said in a statement.
