EI Power eyes ACE Market listing

From left: OCK Group Bhd group managing director Datuk Sam Ooi Chin Khoon, EI Power Bhd independent non-executive chairman Datuk Jamaludin Nasir, EI Power executive director cum chief operating officer Sharon Mak May Cheng, EI Power executive director cum chief executive officer Ir. Albert Chang Wan Siong, M & A Equity Holdings Bhd managing director Datuk Bill Tan Choon Peow and M & A Securities Sdn Bhd head of corporate finance Gary Ting Hua Tai.

PETALING JAYA: Power engineering solutions provider, EI Power Bhd (EIP) has launched its prospectus in conjunction with its initial public offering (IPO) exercise on the ACE Market of Bursa Malaysia.

In a statement, the Shah Alam-based company said the IPO exercise entails 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.

EIP intends to raise RM62.2mil from the public issue under the IPO. Proceeds from the IPO will include (among others) the acquisition and setup of new headquarters cum warehouse (RM18.3mil), capital expenditure for the installation of building energy efficiency systems (RM10mil), establishment of an office in Thailand (RM1.4mil) and establishment of a branch office cum warehouse in Johor (RM2.3mil).

EIP is scheduled to be listed on the ACE Market of Bursa Securities by May 21, 2026. M&A Securities is the adviser, sponsor, underwriter and placement agent for the IPO exercise.