KUALA LUMPUR (Sept 9): Telecommunications network solutions provider OCK Group Bhd (KL:OCK) has firmed up plans to list its 52%-owned energy subsidiary EI Power Technologies Sdn Bhd (EIPT) on the ACE Market of Bursa Malaysia.
Prior to the listing, the group’s new listing vehicle, EI Power Bhd (EIP) will acquire all of EIPT’s shares from OCK and two other shareholders for RM9.47 million, to be satisfied via the issuance of 570.5 million new EIP shares at RM1.66 sen apiece, according to OCK's filing on Monday.
The two shareholders are Albert Chang Wan Siong and Siew Wei Foo. Chang, who co-founded EIPT, holds a 32% stake in EIPT, while Siew owns 16%.
Under the listing proposal, EIP plans to launch an initial public offering (IPO) comprising a public issue of 129.5 million new shares and an offer for sale of 70 million existing shares, representing a combined 28.5% of the enlarged share capital.
The public issue will see 35 million shares allocated to the Malaysian public, 17.5 million to eligible directors, employees and individuals, 14 million to entitled OCK shareholders, and 63 million to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (Miti). The offer-for-sale shares will be placed out to Bumiputera and selected investors.
OCK, meanwhile, will maintain a 6.6% direct and 51% indirect stake in EIP via Energy Ikon Sdn Bhd, a joint venture with Chang, following the IPO.
OCK said proceeds from the IPO will be used to set up a new headquarters and warehouse, retrofit energy-efficient systems for commercial and industrial buildings, establish branch offices in Thailand and Johor, and supplement working capital.
“This exercise represents a significant milestone for OCK, allowing us to unlock the value of our investments while tapping into the vast industry demand for power solutions as well as data centres infrastructure,” OCK group managing director Datuk Wira Sam Ooi Chin Khoon said in a statement.
For the financial year ended Dec 31, 2024, EIP recorded RM50.4 million in revenue and RM9.06 million in net profit, more than double the RM4.49 million booked in 2023.
OCK noted that the proposals are subject to approvals from Bursa Malaysia Securities, the Securities Commissions, Miti and the group’s shareholders.
The group expects the listing to be completed by the second quarter of 2026.
M&A Securities Sdn Bhd has been appointed as the adviser and sponsor for the IPO exercise.
Shares in OCK settled up half a sen or 1.23% to 41 sen on Monday, valuing the group at RM434.31 million.