Ace Market-bound Express Powerr To Raise RM36.0 Mln From IPO
KUALA LUMPUR, Aug 20 (Bernama) -- Generator rental services provider Express Powerr Solutions (M) Bhd which is en route to be listed on the ACE Market of Bursa Malaysia on Sept 24, 2025, is expected to raise RM36.0 million through its upcoming initial public offering (IPO).
The IPO price is fixed at 20 sen per share, giving the company a market capitalisation of RM186.9 million upon listing, based on an enlarged issued share capital of 934.4 million shares.
Managing director Lim Cheng Ten said the proceeds would enable the company to expand its fleet by at least 36 units and acquire medium- and high-voltage equipment to support this expansion over the next three years.
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Lim said Tenaga Nasional Bhd is expected to remain Express Powerr's largest revenue contributor, although its reliance has dropped to 60 per cent in 2024 from 95 per cent previously.
'Looking ahead, we see opportunities in the oil and gas (O&G) sector, where reliable, high-capacity power is critical, especially offshore and in remote environments. We plan to explore this further in the fourth quarter of the year,' he said.
He noted that with 27 O&G projects worth RM4.46 billion approved in the first nine months of 2024, demand for generator sets (gensets) in exploration and drilling is set to rise.
To reward shareholders, Lim said the company has adopted a dividend policy of 30-50 per cent of net profit.
On diversification, he said the group's solar business remains in its infancy and would not be a near-term focus.
Instead, Express Powerr aims to expand its presence within Malaysia, adding Penang and Kelantan to its current coverage of Selangor, Kuala Lumpur, Negeri Sembilan, Johor, Pahang and Sabah.
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