KUALA LUMPUR (Aug 13): Solar District Cooling Group Bhd (SDCG), a provider of building management systems en route to its ACE Market debut, has signed an underwriting agreement with Mercury Securities Sdn Bhd for its initial public offering (IPO).
The IPO involves a public issuance of 118.67 million new ordinary shares, representing 28% of its enlarged share capital of 423.82 million, according to SDCG statement.
Of the 118.67 million new shares, 21.19 million will be available to the Malaysian public, with 50% allocated for Bumiputera investors. Meanwhile, some 21.19 million shares are reserved for eligible directors, employees, and contributors to the group's success.
The remaining 76.29 million shares will be allocated to selected investors through a private placement.
Mercury Securities will underwrite all 42.38 million shares allocated to the Malaysian public and eligible persons.
SDCG and its subsidiaries specialise in building management systems, solar thermal solutions, and energy-saving services. The group is known for enhancing energy efficiency and aims to set benchmarks in energy management and cost efficiency.
SDCG managing director Edison Kong said in the statement that the IPO will boost the group’s market visibility and reputation, allow stakeholders to participate in its growth, and increase shareholder value.
"This corporate milestone will help scale our group to new heights by tapping new opportunities and responding to the evolving needs of our customers and market trends. We remain focused on providing innovative solutions that create value for our customers, striving to exceed their expectations," he noted.