Sunview Group Berhad is on its road to an IPO as the group has obtained approval from Bursa Malaysia Securities Berhad to list on the ACE Market of Bursa Securities.
In conjunction with the exercise, Sunview will issue to the public 118 million new shares, representing approximately 25.21% of its enlarged issued share capital upon listing.
Sunview’s chief executive officer Ong Hang Ping said, “With demand for renewable energy on the rise in recent years, we believe that our listing exercise comes at an opportune time. Furthermore, the Ministry of Energy and Natural Resources had committed to increase the use of renewable resources for power generation to 31% of the total installed capacity in Malaysia by 2025 and 40% by 2035 under Malaysia’s Transition Plan. This bodes well with our growth plans going forward.
The approval to list on the ACE Market of Bursa Securities allows us to embark on our next phase of growth, and we believe that the IPO exercise will help us further solidify our footing in the renewable energy segment.”
Sunview is expected to list in the fourth quarter of 2022. Alliance Islamic Bank Berhad is the principal adviser, sponsor, sole underwriter and placement agent for this IPO exercise.