KUALA LUMPUR (July 13): Million Reenergy Bhd, a diesel engine maintenance, repair and overhaul (MRO) services provider, is seeking a listing on the ACE Market of Bursa Malaysia to raise funds for business expansion and working capital requirements.

According to its draft prospectus filed with Bursa Malaysia, the initial public offering (IPO) comprises a public issue of 120 million new shares and an offer for sale of 60 million existing shares via private placement to selected investors.

The exercise will result in 180 million shares, or 30% of the company's enlarged issued share capital of 600 million shares, being placed out to investors.

Of the 120 million new shares, 30 million shares will be made available to the Malaysian public, and 15 million shares will be set aside for eligible directors, employees and persons who have contributed to the company; the remaining 75 million shares will be placed out to selected investors.

Following the IPO, the group’s largest shareholder and managing director, William Low Tat Ang, will see his stake diluted from 86.84% to 61.47%, while his wife, who is also an executive director, Nicole Chew Yuh Ching's shareholding will be reduced to 8.53% from 13.16%.

Based in Klang, Million Reenergy specialises in maintenance, repair and overhaul (MRO) services for diesel‑engine vehicles, serving a diverse range of end‑user segments including automotive, marine, industrial, construction, agriculture, mining and logistics hubs or infrastructure.

It will use its IPO proceeds to grow its network of branches, relocate its headquarters, repay bank borrowings and fund working capital. 

The company plans to expand its diesel engine and parts MRO services by opening five branches outside the Klang Valley to capture more market share and better serve customers nationwide.

The branches, planned to open within the first year after listing, will be located in Johor Bahru, Nilai, Kuantan, Butterworth, and Chemor. These locations were chosen due to their proximity to logistics hubs and industrial areas with high demand for diesel-powered vehicles and related services.

The company also plans to move its main service facility and office to a new headquarters in the fourth quarter of 2027 to meet growing demand for diesel engine and parts maintenance services as well as support future business growth. Its current headquarters has a built-up area of about 3,620 sq ft.

For the financial year ended June 30, 2026 (FY2026), Million Reenergy’s net profit fell xx to RM4.18 million from RM5.57 million a year earlier while revenue dipped to RM8.22 million from RM8.4 million the year before.

Geographically, Malaysia accounted for 88.88% of total revenue while Indonesia made up the remaining 11.12%.

M&A Securities Sdn Bhd is the adviser, sponsor, underwriter and placement agent for the IPO exercise.