KUALA LUMPUR (April 2): EI Power Bhd, a power engineering firm backed by OCK Group Bhd (KL:OCK), has appointed M&A Securities to underwrite its upcoming ACE Market listing.
The initial public offering (IPO) is expected to be launched by June, EI Power said in a statement on Thursday. M&A Securities will underwrite the issue shares set aside for the Malaysian public and eligible persons under the so-called pink form allocations.
“The signing of this underwriting agreement marks a key milestone as we progress towards our upcoming listing on the ACE Market,” said EI Power chief executive Albert Chang Wan Siong. The IPO “positions us to scale our operations, expand our capabilities, and elevate our presence”, he said.
Founded in 2010, EI Power specialises in diesel generation and fuel distribution systems alongside solar photovoltaic solutions. OCK Group — mostly known for providing telecom infrastructure services — and its managing director Datuk Sam Ooi together control 62% of EI Power.
Apart from supplying mission critical power systems to data centres that require large scale, complex generation and distribution systems, the company based in Shah Alam, Selangor also offers conventional power solutions for commercial, industrial and residential buildings.
The proposed IPO comprises a public issue of new shares and an offer for sale of existing shares which collectively offers investors up to 28.5% in EI Power.
Proceeds from the public issue will fund a new headquarters, including the acquisition of a property that will double as a warehouse. EI Power also plans to establish a Thailand office to tap into regional data centre growth and open a Johor branch to strengthen domestic reach.
“These plans are aimed at enabling us to better serve our customers, remain competitive in a rapidly evolving market, and capture opportunities arising from increasing need for reliable and efficient power solutions,” Chang added.
Meanwhile, proceeds from the offer for sale will accrue to selling shareholders OCK Group; Chang, who is also the co-founder; and substantial shareholder Siew Wei Foo, who is not part of management.
M&A Securities is also the IPO’s adviser, sponsor, and placement agent.