PETALING JAYA: Million Reenergy Bhd is eyeing a listing on the ACE Market of Bursa Malaysia.

The company is principally involved in the provision of maintenance, repair and overhaul services for diesel engines and related parts and components; as well as the trading of related parts and components for diesel engines.

In its draft prospectus exposure, the company said its initial public offering (IPO) will entail the public issue of 120 million new ordinary shares.

M & A Securities Sdn Bhd is the sponsor for the company’s IPO.

The company said the proceeds from the IPO will primarily be used to establish a network of branches across Peninsular Malaysia, relocate to new headquarters and repayment of bank borrowings.

We intend to capture more market share in the diesel engines and related parts and components maintenance, repair and operations services market in Malaysia through the pursuit of organic growth strategy by tapping into our existing customer base with sales and/or service branches outside of the Klang Valley region.

“In this regard, we plan to establish five branches across Peninsular Malaysia to scale up our business operations and support our customers located outside the Klang Valley.”

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