EI Power inks underwriting deal ahead of ACE Market listing

KUCHING (April 3): EI Power Bhd (EIP) has inked an underwriting agreement with M&A Securities Sdn Bhd as it moves closer to its planned listing on the ACE Market of Bursa Malaysia Securities Berhad in the second quarter of 2026.

The agreement marks a significant milestone for the Shah Alam-based power engineering solutions provider, reflecting its readiness to enter the capital market and expand its business footprint.

EIP executive director and chief executive officer Albert Chang Wan Siong said the agreement represents a key step forward in the companyís growth journey.

He noted that proceeds from the IPO will be used to expand operational capacity, enhance service offerings and support geographical expansion, including plans to enter Thailand.

Chang added that increasing demand for stable and reliable power infrastructure, driven by the relocation of multinational semiconductor and electronics manufacturers to Malaysia, is expected to benefit the group.

“As industries such as data centres and semiconductor plants continue to grow, the need for uninterrupted power supply will further strengthen demand for our power engineering solutions,” he said.

EIP, through its subsidiaries, is principally involved in engineering, procurement, construction and commissioning (EPCC) of mission critical, conventional and renewable energy power solutions.

Its services include design, project management, installation, testing and maintenance of diesel generation systems, fuel distribution systems and solar photovoltaic systems.

With a track record of approximately 16 years, the group has served a wide range of industries, including commercial, industrial and residential developments, as well as data centres and semiconductor facilities.

Its operations span across Malaysia, covering the central, southern, eastern and northern regions, demonstrating its capability to deliver projects nationwide.

EIP is recognised as a Class A Electrical Contractor by the Energy Commission Malaysia and holds a Grade G7 contractor registration with the Construction Industry Development Board, allowing it to undertake projects of unlimited value.

In addition, the company is a registered photovoltaic service provider with the Sustainable Energy Development Authority, enabling it to participate in solar energy projects.

The companyís initial public offering (IPO) will involve the issuance of 129.5 million new shares, representing 18.5 per cent of its enlarged share capital, alongside an offer for sale of 70 million existing shares, equivalent to 10 per cent.

Under the agreement, M&A Securities will underwrite a total of 66.5 million shares allocated to the Malaysian public, eligible persons and entitled shareholders.

M&A Securities is acting as adviser, sponsor, underwriter and placement agent for the IPO exercise.