KUALA LUMPUR: Sunview Group Bhd inked an underwriting agreement with Alliance Islamic Bank Bhd recently in conjunction with its initial public offering (IPO) on the ACE Market of Bursa Malaysia.
Sunview is an end-to-end solar photovoltaic (PV) system construction player.
The agreement was signed by Sunview chief executive officer (CEO) Ong Hang Ping and Alliance Islamic CEO Rizal IL-Ehzan Fadil Azim.
Ong said demand for solar PV equipment had been on an uptrend as more companies were 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," he said in a statement.
Sunview' IPO entails the public issue of 118 million new shares with Alliance Islamic having agreed to underwrite 32.6 million shares.
Out of the 118 million new shares, representing 25.21 per cent of the enlarged issued share capital upon listing, 23.6 million shares will be made available for application by the Malaysian public.
Nine million shares will be made available for application by eligible directors, employees and persons who have contributed to the success of the company, while 85.40 million shares for application by selected investors via private placement.
Sunview is expected to be listed in fourth quarter of 2022.