Sunview today penned an underwriting agreement with Alliance Islamic Bank Bhd (AIS) in conjunction with its IPO exercise and listing on the ACE Market of Bursa Malaysia Securities Berhad. Sunview was represented by its CEO, Ong Hang Ping while AIS was represented by its CEO, Rizal IL-Ehzan Fadil Azim.
Sunview’s IPO exercise entails the public issue of 118.00 million new shares where AIS has agreed to underwrite 32.6 million shares. The 118.00 million new shares, representing 25.21% of the enlarged issued share capital upon listing, will be allocated as follows:
- 23.60 million shares will be made available for application by the Malaysian public.
- 9.00 million shares will be made available for application by eligible directors, employees and persons who have contributed to the success of the Group.
- 85.40 million shares will be made available for application by selected investors via private placement.
Commenting on the signing of the underwriting agreement, Ong said, “The signing of the agreement marks an important milestone for us ahead of our listing on the ACE Market. Demand for solar PV equipment has been on an uptrend as more companies are transitioning towards ‘net zero’ through the various government-initiated renewable energy programmes. We would like to capitalise on this opportunity and ride on this wave. We intend to utilise our proceeds to further grow the business to reach greater heights. The proceeds will be allocated towards business expansion, capital expenditure, working capital requirements, as well as to repay bank borrowings and defray the estimated listing expenses.”
Sunview is expected to list in fourth quarter of 2022. AIS is the principal adviser, sponsor, sole underwriter and placement agent for this IPO exercise.
