Latest news with #LimChengTen
The Sun
22-07-2025
- Business
- The Sun
Express Powerr inks underwriting agreement with Mercury Securities for ACE Market IPO
KUALA LUMPUR: Generator rental services provider, Express Powerr Solutions (M) Bhd signed an underwriting agreement with Mercury Securities Sdn Bhd for its upcoming initial public offering (IPO) on the ACE Market of Bursa Malaysia. Express Powerr managing director Lim Cheng Ten said the company is entering a new phase of growth, and this underwriting agreement marks a significant step towards its listing on the ACE Market of Bursa Malaysia. 'This move will accelerate our expansion into new end-user markets, including the oil and gas industry, and broaden our 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 in a statement. He 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. 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 Power provides generator rental services, which are utilised in critical emergencies such as power outages and planned maintenance, and serve as standby power for events and special occasions, providing a reliable power source when needed most. The group also supplies ancillary items, including 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 group owns a fleet of 111 generator units, ranging in capacity from low- to high-voltage systems. Over 70% of the fleet consists of mobile generator units mounted on trucks, designed for easy transportation and deployment to various locations. The remaining units are canopy generators, which are commonly used in outdoor settings or areas where noise reduction is important. Routine maintenance is performed in-house, with generators inspected and maintained every 300 operational hours to ensure reliability and minimise downtime. In addition to its core business, the group is also registered as a solar photovoltaics (PV) investor under the Net Energy Metering (NEM) programme and a PV service provider by Sustainable Energy Development Authority Malaysia (SEDA). This enables the group to install rooftop solar PV systems for both residential and commercial properties. Though still in its early stages, this expansion aligns with Malaysia's net-zero emission target by 2050 and supports the growing demand for sustainable energy solutions. As a testament to its growing reputation for delivering quality generator rental services, Express Powerr became an approved vendor of TNB in 2021 and subsequently secured service contracts with TNB in 2022 after having supplied generators indirectly to TNB since 2005. The group has also expanded its geographical footprint to Sabah last year, providing services indirectly to Sabah Electricity Sdn Bhd (SESB). Beyond electric utility companies, Express Powerr serves a diverse range of end-user industries, including mechanical and electrical, manufacturing, construction, and event industries, as well as government agencies. The IPO exercise comprises a public issue of 180.0 million new ordinary shares, representing approximately 19.3% of the company's enlarged issued share capital, and an offer for sale of 65.4 million existing shares, equivalent to 7.0% of the enlarged share capital. Of the 180.0 million new shares, 46.7 million will be offered to the Malaysian public via balloting, 18.7 million allocated to eligible directors, employees, and contributors to the group's success, 63.2 million placed privately with selected investors, and 51.4 million placed with Bumiputera investors approved by the Ministry of Investment, Trade and Industry (Miti). The 65.4 million existing shares under the offer for sale will also be allocated to Bumiputera investors approved by the Ministry of International Trade and Industry (Miti). Under the underwriting agreement, Mercury Securities has agreed to underwrite a total of 65.4 million Issue Shares made available to the Malaysian public and Pink Form Allocations. Express Powerr is scheduled to be listed on the ACE Market of Bursa Malaysia by the third quarter of 2025. Mercury Securities serves as the principal adviser, sponsor, sole underwriter and sole placement agent for the IPO exercise.
New Straits Times
22-07-2025
- Business
- New Straits Times
Express Powerr eyes ACE Market debut in Q3
KUALA LUMPUR: Generator rental firm Express Powerr Solutions (M) Bhd has signed an underwriting agreement with Mercury Securities Sdn Bhd for its planned listing on the ACE Market of Bursa Malaysia, targeted for the third quarter. 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.
