KUALA LUMPUR (March 31): Oil and gas services provider Elsa Bhd has signed an underwriting agreement with Malacca Securities Sdn Bhd for its initial public offering (IPO) and proposed listing on the ACE Market of Bursa Malaysia.
In a statement on Tuesday, the group said its IPO is expected to entail 154.8 million ordinary shares consisting of a public issue of 118.4 million issue shares and an offer for sale of 36.4 million existing shares.
Of which, a total of 26.92 million shares will be allocated for the Malaysian public, 10.77 million shares for eligible persons and the remaining 80.71 million shares are for selected investors via private placement.
Upon the IPO completion, Elsa will have an enlarged share capital of 538.4 million shares.
Elsa executive chairman Amiruddin Mohd Zain said that the agreement marks an important step for the company as it progresses along its proposed listing on the ACE Market.
“With this milestone secured alongside Malacca Securities, we will continue to focus on executing our growth plans in a disciplined manner as we prepare for the upcoming prospectus launch and subsequent stages of the listing progress.”
The group added that the proposed listing is expected to strengthen Elsa’s technical workforce, expand its robotics and asset inspection capabilities and provide working capital headroom to execute its growing number of projects.
Incorporated in 2020, Elsa is involved in the provision of O&G service and equipment solutions. The group integrates advanced technologies and capabilities from its network of partners to deliver specialised, high-value solutions to oil and gas operators. Its key segments are oilfield service solutions, digital solutions, talent solutions and robotics and engineering solutions.
The group holds a Petroliam Nasional Bhd (PETRONAS) licence and works with international and independent oil and gas operators in Malaysia.
Malacca Securities is the principal adviser, sponsor, underwriter and placement agent for the IPO exercise.