5E Resources Holdings Bhd is targeting a listing on the ACE Market of Bursa Malaysia on April 15, as the waste management services provider moves forward with its initial public offering (IPO).
In a statement on Friday, the company said it expects to launch its prospectus and open the IPO for subscription on March 30. The exercise will involve the issuance of 304.5 million new ordinary shares. Of this total, 77 million shares will be made available to the Malaysian public, while 35 million shares will be allocated to eligible directors, employees, and individuals who have contributed to the group’s growth.
The remaining 192.5 million new shares will be placed out via private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry. In addition, the IPO will also include an offer for sale of 154 million existing shares through private placement to selected investors.
Proceeds from the IPO will primarily be used to fund the construction of the group’s new scheduled waste management facility in Perak, as well as the acquisition of plant and equipment for the project. The company is also expanding its PLO 321 facility in Johor Bahru, located adjacent to its existing scheduled waste management operations, with construction expected to support increased processing capacity. The Johor Bahru expansion is targeted to commence operations in the second half of 2026.
The planned Perak facility is expected to further enhance the group’s overall scheduled waste management capacity, allowing it to handle larger volumes and a broader range of scheduled wastes. This expansion is anticipated to contribute positively to the group’s long-term financial performance. Construction of the Perak facility is slated for completion in the second half of 2029, with operations expected to begin in the first half of 2030.
The remaining IPO proceeds will be used for working capital and to support the group’s operational funding requirements as it continues to scale its business. TA Securities Holdings Bhd has been appointed as principal adviser, sponsor, underwriter, and placement agent for the IPO.
