KUALA LUMPUR: Waste management services provider 5E Resources Holdings Bhd has signed an underwriting agreement with TA Securities Holdings Bhd as part of its initial public offering (IPO) in conjunction with its planned listing on Bursa Malaysia’s ACE Market.
In a statement today, the Johor-based company said the agreement marks a key step in its IPO exercise, with TA Securities as principal adviser, sponsor, underwriter and placement agent.
The proposed IPO entails a public issue of 304.5 million new shares, comprising 77.0 million shares for the Malaysian public and 35.0 million shares for eligible directors, employees and contributors.
There will be a private placement of the remaining 192.5 million shares to bumiputera investors approved by the Investment, Trade and Industry Ministry, alongside an offer for sale of 154.0 million existing shares to selected investors.
TA Securities will underwrite 112.0 million shares allocated to the Malaysian public and eligible persons.
Executive director and chief executive officer Lim Te Hua said: "This exercise will strengthen our capital base and support our expansion plans, including the development of new facilities and enhancement of our recovery and recycling capabilities.
"We remain focused on delivering sustainable growth while supporting Malaysia’s environmental and circular economy objectives,” he said.
TA Securities head of corporate finance Ku Mun Fong said 5E Resources has established a strong operating foundation supported by regulatory compliance and technical capabilities.
"The IPO will provide 5E Resources with the platform and financial flexibility to execute its growth strategy and further strengthen its position in Malaysia’s scheduled waste management sector,” he said. - Bernama
