KUALA LUMPUR: PSP Energy Bhd
, a fuel and lubricant trader and distributor, emerged as one of the most active counters on Bursa Malaysia following its debut on the ACE Market.
At 10.03am, the stock slipped 0.5 sen, or 3.13%, to 15.5 sen, with 75.86 million shares changing hands in a cautious market.
PSP Energy raised RM34.2mil from its IPO at an issue price of 16 sen per share.
Of the total proceeds, RM15mil has been allocated for the purchase of a new bunker vessel at Tanjung Bruas Port in Melaka.
Another RM12mil, or 35.1% of the funds raised, will be used to purchase fuel products—mainly diesel and marine gas oil—to support higher inventory levels as the group expands its distribution and lubricants business.
PSP Energy sells third-party lubricant products from two major suppliers – Supplier A, a public-listed company on Bursa Malaysia, and TotalEnergies – while also offering its own brand, ‘PSP Lubricants’.
KUALA LUMPUR: PSP Energy Bhd, a fuel and lubricant trader and distributor, emerged as one of the most active counters on Bursa Malaysia following its debut on the ACE Market.
At 10.03am, the stock slipped 0.5 sen, or 3.13%, to 15.5 sen, with 75.86 million shares changing hands in a cautious market.
PSP Energy raised RM34.2mil from its IPO at an issue price of 16 sen per share.
Of the total proceeds, RM15mil has been allocated for the purchase of a new bunker vessel at Tanjung Bruas Port in Melaka.
Another RM12mil, or 35.1% of the funds raised, will be used to purchase fuel products—mainly diesel and marine gas oil—to support higher inventory levels as the group expands its distribution and lubricants business.
PSP Energy sells third-party lubricant products from two major suppliers – Supplier A, a public-listed company on Bursa Malaysia, and TotalEnergies – while also offering its own brand, ‘PSP Lubricants’.
Group managing director Ong Chee Seng said the Melaka expansion is central to the Company’s long-term plan to strengthen its regional footprint and support rising demand for marine fuel.
“Tanjung Bruas Port is strategically located along major shipping routes, and this development positions us well to capture new demand in one of the region’s most active maritime corridors,” he said.
Bunkering continues to be PSP Energy’s core revenue driver, expanding from RM106.1mil in the financial year ended June 30, 2022 (FY22) to RM147.8mil in FY25.
To meet increasing demand, the company plans to add a new bunker vessel with a carrying capacity of at least 2.0 megalitres, complementing its current fleet of three bunker vessels with an aggregate carrying capacity of 2.4 megalitres.
PSP Energy intends to acquire a completed and used vessel for faster mobilisation and immediate deployment from the proceeds raised from its IPO.
Ong said this move will enhance the company’s ability to support customers across high-traffic maritime routes.
“Our priority is to build a modern and scalable fleet that allows us to meet customers’ needs efficiently and reliably,” he said.
Mercury Securities Sdn Bhd is the principal adviser, sponsor, underwriter and joint placement agent, while AmInvestment Bank Bhd is the joint placement agent for the IPO exercise.
