PSP Energy in underwriting deal

PSP Energy Bhd group managing director Ong Chee Seng (left) with Mercury Securities Sdn Bhd managing director Chew Sing Guan at the underwriting agreement signing ceremony of PSP Energy, in conjunction with its listing on the ACE Market of Bursa Malaysia. The company is scheduled to be listed in December 2025.

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 bumiputra investors.