PEKAT Group Bhd – a solar photovoltaic (PV) and earthing/lightning protection (ELP) specialist – which is en route to a listing on the ACE Market of Bursa Malaysia will issue 138.67 million new shares that represent 21.5% of the company’s enlarged issued share capital
Under an underwriting agreement inked with M&A Securities Sdn Bhd, a total of 48.37 million new shares will be made available for the Malaysian public and its eligible directors, employees as well as persons who have contributed to group’s success.
The remaining 90.30 million new shares will be placed out to selected Bumiputera investors approved by the Ministry of International Trade and Industry (MITI) and selected investors.
“The listing will enable us to tap into the equity capital market to raise funds to build a new head office and operational facility as we expand our solar PV and ELP businesses,” Pekat’s managing director Chin Soo Mau pointed out.
“Proceeds from our IPO (initial public offering) will generally be used to expand our operations to take advantage of the upcoming growth in the solar PV industry, thus helping to expand our current capabilities.”
Pekat is principally involved in the design, supply and installation of solar PV systems and power plants. Its other business activities include supply and installation of ELP systems as well as distribution of electrical products and accessories.
Pekat – the first solar PV installer in Malaysia to receive ISO 50001: 2011 Energy Management System certification – is officially registered with Sustainable Energy Development Authority (SEDA) as a national PV service provider and is certified PV provider for both on-grid and off-grid solar PV systems.
Additionally, its track record includes solar PV systems for residential, commercial buildings and facilities, community and industrial properties, infrastructure such as highways and solar PV power plants for export to the power grid.
Thus far, Pekat has undertaken projects under various government programmes/initiatives including the feed-in tariff (FiT), net energy metering (NEM), large scale solar (LSS), Sarawak Alternative Rural Electrification Scheme (SARES) and MySuria programmes.
Among its notable projects in the supply and installation of ELP systems are the Prime Minister’s Residence in Putrajaya, the Sungai Buloh and Kajang maintenance depots for the MRT1 (Mass Rapid Transit Line 1) and administration buildings, substations and other buildings at the Pengerang Integrated Complex (Johor) and Warisan Merdeka Tower (now known as Merdeka 118 Tower).
“To tap into the growing business opportunities, we require more skilled employees and financial resources,” Chin remarked.
“These two are crucial for us to secure more contracts, implement more projects concurrently and provide more maintenance services.” – April 22, 2021
