PETALING JAYA: EI Power Bhd (EIP) has today entered into an underwriting agreement with M & A Securities Sdn Bhd in conjunction with its upcoming initial public offering on the ACE Market of Bursa Malaysia.
In a statement, the power engineering solutions provider said the IPO exercise involves a public issue of 129.5 million new ordinary shares, representing 18.5% of its enlarged share capital, as well as an offer for sale of 70 million existing shares, accounting for 10% of its enlarged share capital.
Of the 129.5 million Issue Shares, 35 million shares will be made available to the Malaysian public via balloting; 17.5 million shares to its eligible directors, employees and persons who have contributed to the success of the group; 14 million shares for the entitled shareholders of parent company OCK Group Bhd
via restricted offering; while the remaining 63 million shares will be offered by way of private placement to selected Bumiputera investors approved by the Ministry of Investment, Trade and Industry (Miti).
Meanwhile, of the 70 million shares, 24.5 million shares will be made available by way of private placement to selected Bumiputera investors approved by the Miti, with the balance 45.5 million shares to be placed out to selected investors.
Pursuant to the underwriting agreement, M&A Securities will underwrite a total of 66.5 million shares made available to the Malaysian public, pink form allocations, and entitled shareholders of OCK.
EIP is scheduled to be listed on the ACE Market of Bursa Securities by the second quarter of 2026.
M&A Securities serves as the adviser, sponsor, underwriter and placement agent for the IPO exercise.
