Samaiden to raise RM29.35 million from the IPO

Nadzri (fifth left), Chow (sixth left) and other directors from Samaiden and Alliance Investment Bank during the group’s prospectus launch today.

KUCHING: Samaiden Group Bhd (Samaiden) launched its initial public offering (IPO) prospectus today in conjunction with its listing on the ACE Market of Bursa Malaysia Securities Bhd.

The IPO comprises of a public issue of 61.155 million new SAGB shares at an IPO price of RM0.48 per share.

Samaiden is primarily involved in the engineering, procurement, construction and commissioning (EPCC) of solar photovoltaic (PV) systems and power plants.

The other business activities include the provision of renewable energy and environmental consulting services, as well as operations and maintenance services.

Samaiden group managing director, Chow Pui Hee said the outlook for the RE industry and the solar PV sector are extremely bright.

“We at Samaiden strongly believe that the growth potential is there for us to tap into, together with our sights trained on Vietnam as our foreign market expansion target,” she commented. “Moreover, despite being less than 10 years old, our revenue growth has been impressive.

“Our three-year compound annual growth rate up to financial year 2020 was 126.79%, mainly driven by the higher revenue generated from our EPCC services for the solar PV power plants under the LSS1 and LSS2 programmes.

“This listing is a timely exercise for Samaiden as it allows us to gain access to the capital markets for our future expansion plans and to support our continued growth.

“By this, we also hope that it will enhance our corporate profile, both locally as well as overseas.”

The 61.155 million new SAGB shares will be apportioned in the following manner: 10.5 million shares will be made available to the Malaysian public; 6.3 million shares will be made available to its eligible directors, employees and persons who have contributed to SAGB’s success; 23.355 million shares by way of placement to selected investors; and 21 million shares by way of placement to bumiputera investors approved by the Ministry of International Trade and Industry.

The IPO exercise will raise RM29.35 million, of which RM7 million has been earmarked for the purchase of a corporate office and RM2.54 million for business expansion and marketing activities.

Another RM1.17 million and RM15.44 million will be set aside for capital expenditure and working capital respectively. The remaining RM3.20 million will be utilised to fund the listing expenses.

Based on its enlarged issued share capital of 210 million shares and IPO price, SAGB’s market capitalisation works out to RM100.8 million.

Samaiden chairman Datuk Dr Nadzri Yahaya added, “This year alone, we are faced with various uncertainties and challenges that have affected the global economy.

“However, let us not use these uncertainties, especially the unprecedented COVID-19 pandemic, as an excuse to just sit back and unwind.

“Rather, let us take this continuous positive momentum that we have already created and be energised and motivated to strive onward until we reach our final goal. For that very reason, the forthcoming listing will be a promising step for Samaiden. This signifies our growth as we soar to even greater heights within the industry.”

Alliance Investment Bank Bhd is the principal adviser, sponsor, sole underwriter and placement agent.

 

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