Express Powerr eyes ACE Market debut in Q3
The initial public offering (IPO) involves a public issue of 180 million new shares or 19.3 per cent of its enlarged issued share capital, as well as an offer for sale of 65.4 million existing shares, representing 7.0 per cent of its enlarged share capital.
Of the 180 million new shares, 46.7 million shares will be made available to the Malaysian public via balloting, while 18.7 million shares to its eligible directors, employees and persons who have contributed to the company's success.
Meanwhile, 63.2 million new shares are allocated for private placement to selected investors and 51.4 million shares through private placement to Bumiputera investors approved by the Investment, Trade and Industry Ministry.
Additionally, all 65.4 million offer shares to be offered for sale will be made available to Bumiputera investors approved by the ministry through private placement.
Pursuant to the underwriting agreement, Mercury Securities has agreed to underwrite a total of 65.4 million new shares made available to the Malaysian public and pink form allocations.
Mercury Securities serves as the principal adviser, sponsor, sole underwriter and sole placement agent for the IPO.
Managing director Lim Cheng Ten said the listing will accelerate the company's expansion into new end-user markets, including the oil and gas industry, and broaden its geographical coverage.
"With this in mind, we see great potential in the oil and gas sector. The industry typically operates in remote and challenging environments, where generators are required as temporary power solutions during exploration, drilling and production operations," he said.
Lim said in the first nine months of 2024 alone, 27 oil and gas projects worth RM4.46 billion were approved, presenting strong prospects for the industry.
He added that in the utility sector, Tenaga Nasional Bhd (TNB) has invested RM21 billion in its Grid of the Future programme to enhance its transmission and distribution network.
"As generator sets are widely used in the engineering, procurement, and construction of power grids as well as other generation and transmission projects, these developments reinforce the continued relevance of the generator rental business," Lim said.
Express Powerr is mainly involved in the provision of generator rental services, which are used in critical emergency situations such as power outages, planned maintenance and serve as standby power for events and special occasions, providing a reliable power source when needed most.
It also supplies ancillary items such as distribution boards, generator synchronisation panels, transformers, switchgears, load banks and cables to meet the varied requirements of its customers.
With a 20-year track record, the company owns a fleet of 111 generator units across various capacities from low and high voltage systems with over 70 per cent of the fleet comprises mobile generator units mounted on a truck, designed for easy transportation and deployment to various locations.
In addition to its core business, Express Powerr is also a solar photovoltaics investor under the Net Energy Metering programme and a PV service provider by Sustainable Energy Development Authority Malaysia.
The company became an approved vendor of TNB in 2021 and subsequently secured service contracts with TNB in 2022 after having supplied generators indirectly since 2005.
The company has also expanded its geographical footprint to Sabah last year, providing services indirectly to Sabah Electricity Sdn Bhd.
Express Powerr also serves a diverse range of end-user industries, including mechanical and electrical, manufacturing, construction and event industries, as well as government agencies.
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