Aug 14 2023, 03:08 PM, updated 2y ago
Engineering solutions provider Kawan Renergy Bhd, which is also an independent power producer involved in power generation and the sale of electricity, is seeking an initial public offering (IPO) on the ACE Market of Bursa Malaysia to raise funds for its investment in a new 2MW power plant, among others.
The local bourse's website, the proposed IPO will comprise 110 million new shares and 34.5 million existing shares to be put up for sale by way of private placement — of which 5.5 million will be offered to Bumiputera investors.
As for the new shares, 27.5 million will be made available for application by the Malaysian public, and 19.25 million for eligible directors and employees of the company, while the balance 63.25 million will be placed out to Bumiputera investors.
The company is expected to have an enlarged share capital of 550 million shares upon listing, from 440 million before that.
Besides power generation, Kawan Renergy — through its subsidiaries — is primarily involved in the design, fabrication, installation and/or commissioning of industrial process equipment (such as heat exchangers, pressure vessels, boilers and heaters), process plants (focusing on food processing, oleochemical and chemical processing, and waste recovery), as well as renewable energy and co-generation plants.
The group made a profit after tax of RM14.23 million for the financial year ended Oct 31, 2022 (FY2022), more than double the RM6.88 million it made in FY2021 — and over three times the RM4.43 million netted in FY2020 — as the group's revenue jumped to RM139.18 million in FY2022, from RM64.04 million in FY2021, and RM48.82 million in FY2020.
Its main revenue contributor was "design, fabrication, installation and/or commissioning solutions", which made up the entire revenue for Kawan Renergy from FY2020 to FY2022.
https://theedgemalaysia.com/node/677490
IPO: Kawan Renergy Bhd, Potential IPO - Ace Market
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