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 Malaysia by May 21, 2026.
M&A Securities is the adviser, sponsor, underwriter and placement agent for the IPO exercise.
EIP executive director-cum-chief executive officer Albert Chang Wan Siong said the proceeds from the IPO will enable the group to strengthen its operational capabilities and support its expansion plans.
These include the establishment of a new headquarters-cum-warehouse in Selangor, the set-up of a branch office in Johor, and its venture into Thailand’s growing data centre market.
“We are also expanding our solutions offering to include building energy efficiency systems.”
