SUMISAUJANA GROUP BERHAD RECEIVES BURSA SECURITIES’ GREEN LIGHT FOR ACE MARKET LISTING

Group Set to Strengthen Its Position in the O&G Specialty Chemicals Sector and Expand International Reach

KUALA LUMPUR, MALAYSIA, December 11, 2024 /EINPresswire.com/ -- SumiSaujana Group Berhad and its subsidiary ("SumiSaujana" or the "Group"), an established manufacturer of oil and gas ("O&G") specialty chemicals, has obtained approval from Bursa Malaysia Securities Berhad ("Bursa Securities") for its listing on the ACE Market. The Group’s Initial Public Offering ("IPO") comprises the issuance of 310.0 million new shares and an offer for sale of up to 90.0 million shares, representing 27.71% of its enlarged issued share capital.

The Group has built a strong track record in manufacturing and supplying specialty chemicals for O&G applications, including drilling fluid, production, and refinery chemicals since established in 2010. Over the years, the Group has become a trusted partner for top-tier global O&G service providers, production and refinery companies, and chemical manufacturers across the Asia Pacific, Middle East and North America regions.

The IPO proceeds will be used to fund key initiatives that align with SumiSaujana’s growth strategies. These include acquiring its current Puncak Alam manufacturing facility to secure its production base and acquiring a new warehouse and a new corporate office, supporting additional capacity expansion, which will be further complemented by new reactors, hybrid blend-reactor tanks, and storage tanks, installation of Solar PV system at the current manufacturing facility and establishing a new Research and Development laboratory in the new corporate office.

These upgrades are set to enhance production capacity and meet increasing customer demand of the Group. To drive international growth, the Group is exploring opportunities to establish new production facilities and joint ventures in foreign countries within the North America and the Middle East regions. These strategic initiatives will expand the Group’s market presence and position it as a competitive player in the global O&G specialty chemicals industry.

Commenting on the approval to list on the ACE Market, Encik Norazlam Bin Norbi, Executive Director and Chief Executive Officer of SumiSaujana Group Berhad, stated, "The approval from Bursa Securities represents a significant milestone for SumiSaujana. This listing will provide us with the capital needed to fuel our growth plans and further strengthen our reputation as a reliable provider of high-quality O&G specialty chemicals. It also enables us to expand our reach into new markets while maintaining our commitment to sustainability and innovation."

He added, "Our goal is to consistently deliver value through cutting-edge solutions tailored to meet the evolving needs of the O&G industry. With the IPO, we are ready to elevate SumiSaujana to new heights and solidify our position as a trusted and reputable player in the global market."

RHB Investment Bank Berhad is the Principal Adviser, Sponsor, Sole Underwriter, and Sole Placement Agent for SumiSaujana Group Berhad.

William
Swan Consultancy
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