Samaiden debuts on ACE Market, aims to raise RM29.35 mil

Samaiden Group Bhd, a renewable energy (RE) solutions provider, debuted on Bursa Malaysia’s ACE Market today at RM1, a premium of 108.3%, or 52 sen, over its initial public offering (IPO) price of 48 sen per share.

At the opening bell, the company saw 9.23 million of its shares traded.

Group managing director Chow Pui Hee said the listing on Bursa Malaysia, which was done virtually, made history as it is the first company to be listed during the conditional movement control order (CMCO).

“Although it was challenging following CMCO, ultimately we were able to handle it well with the support and cooperation of all stakeholders, including our principal advisor and Bursa Malaysia,” she told a virtual press conference today.

Samaiden is principally involved in engineering, procurement, construction and commissioning (EPCC) of solar photovoltaic (PV) systems and power plants, as well as provision of RE and environmental consulting services, and operations and maintenance services.

Chow said despite the CMCO, the company’s operations would run as usual as internal procedures and standard operating procedures (SOPs) such as conducting meetings, as well as working from home, office or site, were already in place.

Although there is limited movement and travelling activities, she believed they would not have a significant impact on the company’s operations.

Banking on the company’s good track record over the past years, Chow hoped the company will continue to deliver value to all stakeholders as the sector’s outlook is bright.

“As we can see the opening price and the recent oversubscription of our IPO demonstrated that this sector is positive. It shows that this sector is not only welcomed in Malaysia but also internationally, while creating renewable and sustainable energy, as well as greener and better living condition for the environment in the long term,” she said.

Previously, the company’s offer of 10.5 million new shares to the public was oversubscribed by 56.5x.

As at Sept 1, 2020 the company’s orderbook stood at RM31 mil.

Meanwhile, Samaiden emerged as the top gainer and become one of the most actively traded stocks on the local bourse this morning.

At 10am, the renewable energy (RE) solutions provider’s share jumped 47 sen to 95 sen with 89.32 shares traded.

The company plans to raise RM29.35 mil from the IPO.

According to the company’s prospectus, 24% (or RM7 mil) of the IPO proceeds would be used to purchase the company’s new corporate office with storage facilities to store solar photovoltaic (PV) modules and related equipment and parts to support its business growth.

Another 9% will be utilised to establish sales and technical offices in Johor, Penang, Sabah and Vietnam, while 57% would be allocated for the total working capital and capital expenditure. – Oct 15, 2020

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