5E Resources seals IPO agreement

From left: 5E Resources Holdings Bhd non-independent non-executive chairperson Loo Sok Ching, 5E Resources executive director / CEO Lim Te Hua, TA Securities Holdings Bhd executive director operations Tah Heong Beng and TA Securities head of corporate finance Ku Mun Fong.

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, the Johor-based firm 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 million shares for the public and 35 million shares for eligible directors, employees and contributors.

Moreover, there will be a private placement of 192.5 million shares to bumiputera investors approved by the Investment, Trade and Industry Ministry. — Bernama