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发表于 22-8-2019 09:52 AM
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Solarvest ipo
98.83 million new shares, representing 25.3% of its enlarged share capital, in an initial public offering (IPO)
# 19.53 million shares are made available for public subscription, including Bumiputera public investors;
#19.53 million shares for eligible directors or employees,
# Placement of 20.70 million shares to selected investors,
# 39.06 million shares to selected Bumiputera investors approved by the Ministry of International Trade and Industry.
Reason of IPO
it will be using proceeds raised from the listing to fund its expansion to the Southern region of Peninsular Malaysia, where a sales representative office and service centre will be set up in Johor.
intends to expand to Asian markets such as Taiwan and Vietnam, where it plans to partner with experienced local companies to form joint venture entities to undertake solar photovoltaic projects.
proceeds raised will help fund the company’s working capital and acquisition of project machinery and equipment, besides the upgrading of software, hardware and equipment, to support its plans to tender for and to complete more projects in Malaysia.
Background
In the past three years, its net profit has doubled from RM4.05 million (in its financial year ended March 31, 2016 [FY16]) to RM8.24 million in FY18, against a 28% growth in revenue to RM45.07 million in FY18 from RM35.29 million in FY16.
Solarvest is owned by AB Holdings (55%) and Main Market-listed Chin Hin Group Bhd (45%). Following the public share sale, their shareholdings will be reduced to 41.1% and 33.6% respectively.
Chin Hin gained entry into Solarvest in 2017, when it acquired a 45% stake in a solar system installer Atlantic Blue Sdn Bhd. Solarvest is one of Atlantic Blue’s associate companies. |
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