KUALA LUMPUR: Wasco Greenergy Bhd
(Greenergy) has signed an underwriting agreement with CIMB Investment Bank Bhd and Maybank Investment Bank Bhd for its initial public offering (IPO) on the Main Market of Bursa Malaysia.
Greenergy, the renewable-energy arm of the Wasco Bhd group of companies, is expected to be listed on the Main Market next month.
The group specialises in biomass steam energy systems, heat recovery steam generators, steam turbine generator systems, gas-fired steam energy systems, and other palm oil milling equipment.
In a statement yesterday, the company said the IPO would involve an offering of up to 150 million shares, comprising a public issue of 75 million new shares and an offer for sale of up to 75 million existing shares, representing up to 30% of the group’s enlarged issued share capital.
“The institutional offering will involve up to 119.50 million IPO shares, comprising up to 75 million offer shares and 44.50 million issue shares, to institutional and selected investors, including bumiputra investors approved by the Investment, Trade and Industry Ministry.
“Meanwhile, the retail offering will comprise 30.50 million issue shares to eligible directors and employees of Greenergy and its subsidiaries, as well as eligible directors, employees and entitled shareholders of Wasco, and the public at a retail price to be determined,” it said.
According to chief executive officer Lee Yee Chong, the IPO represents a new chapter for the group as it seeks to expand its capabilities and strengthen its role in the region’s renewable energy landscape.
“With our engineering expertise and execution track record, we are confident in our ability to deliver innovative and sustainable energy systems that support industrial decarbonisation and drive long-term value creation,” he said, adding that Greenergy delivers solutions that align with sustainability goals. — Bernama
