KUALA LUMPUR (Sept 10): 5E Resources Holdings Bhd, a waste management firm and supplier of recycled products, is seeking a listing on the ACE Market to fund its expansion.

The company is developing a new scheduled waste management facility in Batang Padang, Perak which costs an estimated RM110.66 million including machinery and equipment, according to its draft prospectus. Construction is expected to start in 2027 and be completed in 2029.

Operation is targeted to begin in the first half of 2030, upon obtaining the required approvals and off-site licences from the Department of Environment Perak.

5E Resources’ core operations are currently based in Pasir Gudang, Johor, where it operates several facilities processing scheduled wastes, a service that contributes the bulk of its revenue. The company also sells recovered products such as precious metals and recycled products, including containers.

The company mainly serves semiconductor and electrical-and-electronic product manufacturers as well as those producing chemical, plastic, and rubber products.

The proposed initial public offering (IPO) will comprise a public issue of 304.5 million new shares and an offer for sale of 154 million existing shares. All in all, the listing offers investors up to 30% in the company that made a net profit of RM21.78 million on revenue of RM80.15 million in 2024.

Meanwhile, proceeds from the sale of existing shares will accrue to the sole offeror GreenEdge Sdn Bhd jointly controlled by chairperson Loo Sok Ching, 5E Resources shareholders Wong Kim Fatt and Ban Kim Wah, chief executive officer Lim Te Hua and chief operation officer Shankar Narasingam.

TA Securities Holdings Bhd is the principal adviser, sponsor, underwriter and placement agent for the IPO.