Elsa signs IPO underwriting agreement

From left: Amiruddin Mohd Zain, executive chairman of Elsa; Daniel Ilham Khong, managing director; Chuck Lim, chief business strategy officer of Malacca Securities, and Law Kim Fatt, co-head corporate finance, posing after the signing of the underwriting agreement

PETALING JAYA: Elsa Bhd has signed an underwriting agreement with Malacca Securities Sdn Bhd in conjunction with its proposed initial public offering (IPO) on the ACE Market of Bursa Malaysia.

In a statement, the integrated oil and gas services and equipment solutions provider said Malacca Securities Sdn Bhd is acting as the principal adviser, sponsor, underwriter, and placement agent for the listing exercise.

“Based on the proposed structure, Elsa’s IPO involves a public issue of 118.4 million new ordinary shares, representing approximately 21.99% of its enlarged issued share capital, as well as an offer for sale of 36.4 million existing shares, representing approximately 6.76% of the enlarged share capital.

“Upon completion of the IPO, Elsa will boast an enlarged issued share capital of 538.4 million shares.”