Hiap Huat gets nod for listing on ACE

KUALA LUMPUR: Waste oil recycler Hiap Huat Holdings Bhd has received approvals from the authorities for its proposed listing exercise.

The company is expected to be listed on the ACE Market of Bursa Malaysia in the fourth quarter of this year.

Hiap Huat has appointed Hong Leong Investment Bank Bhd as the principal adviser, sponsor, underwriter and placement agent for the listing exercise.

Its independent non-executive chairman Zulkifly Zakaria said the approval for the listing came at an opportune time as the company is going through an expansion phase.

"It is a crucial first step in re-enforcing the group's position as a major player in the waste oil recycling industry. We view this approval as a testament to the group's growth potential," he said in a statement.

Hiap Huat's principal activity is in the niche business of collecting, recycling, re-refining and producing recycled products.

The group stores, treats and recycles waste collected from industrial and commercial establishments before formulating them into end products that are ready to be used by end consumers.

The group's recycled end products derived mainly from its recycling and recovery process are sold under the "AF1", "Top Up", "NEKKO", "Cap Rumah" and "Flag" brand names.

Zulkifly said funds raised from this listing exercise will be used to bring the group to greater heights as a licensed waste oil recycler.

"We hope that our initial public offering (IPO) exercise will be able to bring our investors long-term gain and well deserved returns," he added.