The ACE Market-bound company is issuing 250.2 million new shares at a price of 28 sen each. – Swift Energy picSwift Energy Technology Bhd, an industrial automation and power systems provider, aims to raise RM70.06 million from its initial public offering by issuing 250.2 million new shares at a price of 28 sen each in conjunction with its listing on the ACE Market of Bursa Malaysia.Out of the RM70.
“For instance, we have witnessed significant growth in the demand for our Ex solar PV systems in the past few years, arising from the global shift towards sustainability and renewable energy within the oil and gas industry, evident in commitments as announced in the National Energy Transition Roadmap net zero emission target by Petroliam Nasional Bhd in Malaysia and PTT Exploration and Production PCL’s net zero greenhouse targets in Thailand,” he said at the prospectus launch today.
Swift Energy recorded a compound annual growth rate of 28.3% in revenue between the financial years ended 2021 and 2023. In FY23, the group achieved revenue of RM92.43 million, compared to RM56.12 million in FY21. Notably, Ex solar PV systems have shown significant growth in the past three years, growing from RM7.2 million in FY21 to RM24.8 million in FY23. For FPE 2024, Ex solar PV systems recorded RM22.6 million.
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