Listing Detail:
Listing Sought: ACE Market
Issue Price: RM 0.35

Dates:
Offer Period Open: 30 Sep 2019
Offer Period Close: 11 Nov 2019
Tentative listing date: 26 Nov 2019

Number of shares:
Public Issue: 98,828,000
Private Placement: 59,766,000

 

Stock Code: SLVEST

Official Announcement

INITIAL PUBLIC OFFERING IN CONJUNCTION WITH OUR LISTING ON THE ACE MARKET OF BURSA MALAYSIA SECURITIES BERHAD (BURSA SECURITIES) COMPRISING THE PUBLIC ISSUE OF 98,828,000 NEW ORDINARY SHARES IN OUR COMPANY (SHARES) IN THE FOLLOWING MANNER:

(i) 19,531,000 NEW SHARES AVAILABLE FOR APPLICATION BY THE MALAYSIAN PUBLIC;

(ii) 19,531,000 NEW SHARES AVAILABLE FOR APPLICATION BY OUR ELIGIBLE DIRECTORS, EMPLOYEES AND PERSONS WHO HAVE CONTRIBUTED TO THE SUCCESS OF OUR GROUP;

(iii) 20,703,000 NEW SHARES BY WAY OF PRIVATE PLACEMENT TO SELECTED INVESTORS; AND

(iv) 39,063,000 NEW SHARES BY WAY OF PRIVATE PLACEMENT TO IDENTIFIED BUMIPUTERA INVESTORS APPROVED BY THE MINISTRY OF INTERNATIONAL TRADE AND INDUSTRY

AT AN ISSUE PRICE OF RM0.35 PER SHARE, PAYABLE IN FULL UPON APPLICATION

Company Overview

Solarvest Holdings Berhad operates as a holding company. The Company, through its subsidiaries, provides engineering, procurement, construction, commissioning, management, and operation and maintenance services for solar projects. Solarvest Holdings serves customers in Malaysia.

Address & Contact:

D-36-06, 3 Two Square No 2, Jalan 19/1 Petaling Jaya,
46300 Malaysia

Phone: +603-7625-3211
Email: invest@solarvest.my
Website: https://solarvest.my/

Share Capital

• Market Cap: RM136.718 mil
• Total Shares: 390.623 mil shares (IPO 19.531 mil, Company Insider/Miti/Private Placement 79.297 mil)

Past Financial Proformance (Revenue, EPS)

• 2019: RM112.201 mil (EPS: 0.028)
• 2018: RM45.069 mil (EPS: 0.021)
• 2017: RM39.009 mil (EPS: 0.017)
• 2016: RM35.286 mil (EPS: 0.011)

Net Profit Margin

• 2019: 9.9%
• 2018: 18.3%
• 2017: 16.7%
• 2016: 11.8%

Use of fund

• Business expansion: 8.7%
• Capital expenditure: 11.5%
• Working capital: 55.5%
• Repayment Debt: 14.5%
• Listing expenses: 9.8%

News: Solarvest to raise RM34.6mil from IPO

KUALA LUMPUR: Solar photovoltaic system specialist, Solarvest Holdings Bhd plans to raise RM34.60mil from its initial public offering on the ACE Market of Bursa Malaysia Securities Bhd.

The company said on Monday it is offering 98.828 million new shares or 25.3% of its enlarged share capital at 35 sen a share.

Of the 98.828 million new shares, it said 19.53 million units would be offered to the public, another 19.53 million shares available for application by eligible directors, employees while 39.06 million shares would be placed out to approved Bumiputera investors and the remaining 20.70 million shares would be placed out.

Upon listing, Solarvest will have market capitalisation of RM136.70mill based on the issue price of 35 sen a share and its enlarged share capital of 390.6 million shares.

It said of the RM34.60mil from its IPO, of which RM19.20mil or 55.5% would be used for the group’s working capital for daily operations and future projects and RM3mil or 8.7% would be to expand its markets.

Solarvest plans to use some of the proceeds to purchase machinery and equipment as well as upgrade its information technology (IT) software and hardware (RM4mil or 11.5%).

The remaining IPO proceeds would be used to repay bank borrowings (RM5mil or 14.5%) and listing expenses (RM3.4mil or 9.8%).

Among those present at the launch of its prospectus were Minister of Energy, Science, Technology, Environment and Climate Change Yeo Bee Yin and chief strategy officer of SEDA Malaysia Dr Chen Wei-Nee.

Solarvest specialises in turnkey engineering, procurement, construction and commissioning (EPCC) services for solar photovoltaic (solar PV) systems. The Group has completed solar PV systems for large scale solar photovoltaic (LSSPV) plants as well as residential, commercial and industrial properties.

Solarvest group CEO Davis Chong Chun Shiong said the Malaysian solar sector was expanding due to interest in this renewable energy was picking up.

He said the take-up rates of the net energy metering programme and LSSPV programme were encouraging amongst commercial and industrial users as well as large investors.

The outlook of the solar industry is further enhanced by the strong support from the local government, whereby various policies and programmes were implemented to accelerate investment shifts towards renewable energy.

Solarvest is slated to be listed on the ACE Market on Nov 26. M&A Securities Sdn Bhd is the adviser, sponsor, underwriter and placement agent for the IPO exercise.

Solarvest is 45.0% owned by CHIN HIN GROUP Bhd. Upon completion of the IPO, Chin Hin's shareholding will be 33.6%.

Also present at the launch of the prospectus were Solarvest chairman Datuk Che Halin Mohd Hashim; Senior Undersecretary (Sustainable Energy) of Ministry of Energy, Science, Technology, Environment and Climate Change Asdirhyme Abdul Rasib, managing director of corporate finance of M&A Securities Sdn Bhd Datuk Bill Tan; Chin Hin Group deputy group executive chairman Datuk Seri Chiau Beng Teik; Atlantic Blue Holdings Sdn Bhd director Tan Paw Boon; Davis Chong Chun Shiong; Yeo Bee Yin and Solarvest managing director Lim Chin Siu.