PETALING JAYA, OCK Group Bhd plans to list its 52%-owned subsidiary, OCK Power Sdn Bhd, on the ACE Market of Bursa Malaysia as part of its strategy to unlock value and strengthen its renewable energy portfolio.
In a filing with Bursa Malaysia, the telecommunications network services provider said the proposed initial public offering (IPO) will involve a public issue of new shares as well as an offer for sale to raise funds for OCK Power’s expansion.
OCK group managing director Datuk Wira Sam Ooi Chin Khoon.
Proceeds from the IPO are expected to be utilised for the development of solar power projects, working capital and repayment of bank borrowings. OCK Power, which is principally involved in renewable energy generation, has built a growing portfolio of solar farms and rooftop solar installations across Malaysia. The unit also operates and maintains several large-scale solar (LSS) projects.
OCK said the listing exercise would provide its power business with direct access to the equity capital market, enhance its corporate profile and support future growth. Group managing director Sam Ooi Chin Khoon said the move is timely, given the increasing demand for renewable energy solutions in Malaysia and the region.
“The listing of OCK Power will enable us to capture more opportunities in the clean energy space and contribute to the national energy transition agenda,” he said.
Analysts believe the proposed listing will unlock shareholder value and highlight OCK’s diversification beyond its core telecommunications tower business. The IPO is subject to approval from Bursa Malaysia and the Securities Commission.
