PSP Energy aims for RM34mil IPO

From left: Standly Ho, Director of PSP Lubricants (M) Sdn Bhd; Yip Kah Weng, Associate Director – Corporate Finance of Mercury Securities; Chew Sing Guan, Managing Director; Ong Chee Seng, Group Managing Director of PSP Energy; Leong Cheng Yuen, Head of Equity Capital Markets of AmInvestment Bank; Naresh Jaganathan, Director of PSP Lubricants; and Soon Thian Fong, Director of PSP Marine (M) Sdn Bhd

PETALING JAYA: Integrated fuel and lubricant trader and distributor PSP Energy Bhd aims to raise RM34.2mil from an initial public offering (IPO) en route to its listing on the ACE Market of Bursa Malaysia.

In a statement, the company said it planned to allocate RM15mil (43.9%) of the proceeds to the purchase of a bunker vessel to expand its bunkering business.