KUALA LUMPUR: Rosado Bhd, an engineering solutions provider specialising in electrical works for data centre projects, yesterday entered into an underwriting agreement with Malacca Securities Sdn Bhd and Kenanga Investment Bank Bhd, in conjunction with its initial public offering (IPO) and listing on the ACE Market of Bursa Malaysia Securities Bhd.
Rosado and its 100% owned subsidiary, is structurally differentiated by its model as a full-scope design-and-build Engineering, Procurement, Construction, and Commissioning (EPCC) contractor, covering the entire project lifecycle from engineering design, procurement, construction and installation, testing and commissioning. As part of Rosado’s solutions, Rosado provides ancillary civil and structural works that are integral to its electrical engineering projects.
Rosado’s IPO of up to 994,500,000 ordinary shares (IPO Shares) will comprise an offer for sale of up to 305,500,000 existing ordinary shares (Offer Shares) and a public issue of 689 million new ordinary shares (Issue Shares).
Public issue of 689 million Issue Shares representing up to 17.67% of the company’s enlarged issued ordinary shares as follows: 195 million Issue Shares available for application by the Malaysian public via balloting, of which 97,500,000 Issue Shares will be set aside for application by Bumiputera public investors; 38 million Issue Shares available for application by the directors, employees, and persons who have contributed to the success of the group; 274 million Issue Shares by way of private placement to selected investors; and 182 million Issue Shares by way of private placement to selected Bumiputera investors approved by Ministry of Investment, Trade and Industry of Malaysia (Miti).
An offer for sale of 305 million Offer Shares representing 7.83% of the company’s enlarged issued ordinary shares by way of private placement to selected Bumiputera investors approved by Miti.
Managing director and CEO Datuk Lim Tiew Sin said: “Over the years, we have built our capabilities and track record in delivering engineering solutions for data centre projects, underpinned by our technical expertise, project execution capabilities and commitment to meeting our customers’ requirements. We believe these strengths position Rosado to further establish itself as a partner of choice for large scale power substation and engineering projects.
He added as they prepare to enter the equity market, they see this listing exercise as an opportunity to build on the foundation they have established and pursue their next phase of growth.
“With access to the capital markets, we aim to strengthen our capabilities, support our business expansion and pursue opportunities in the data centre infrastructure sector. We remain committed to building on our track record, delivering quality engineering solutions and creating sustainable long-term value for our shareholders,” said Lim.