KUALA LUMPUR: Bursa Malaysia Securities has approved the proposed initial public offering of engineering and project management services provider HSS Engineers Bhd
(HEB) on the Ace Market.
HEB said in a statement on Monday that it would make a public issue of 63.82 million new ordinary 10-sen shares, of which 15.95 million shares would be available for application by the Malaysian public.
A total of 7.98 million issue shares are allocated for the group’s eligible directors, employees and business associates and 39.89 million issue shares for private placement to selected investors. In addition, the IPO will involve an offer for sale of 31.91 million existing shares available for private placement to selected bumiputra investors approved by the International Trade & Industry Ministry.
The HEB group, which operates from Kuala Lumpur, Penang and Chennai (India), is primarily involved in providing engineering design services, construction supervision, project management as well as building information modelling services.
M&A Securities will act as the group’s principal adviser, sponsor, underwriter and placement agent for the IPO.
M&A Securities managing director of corporate finance Datuk Bill Tan said the HEB group had an established track record within the engineering consultancy and project management services market, which has been affirmed by the group’s active involvement in various landmark projects such as the ongoing Mass Rapid Transit Line 1 and 2 and West Coast Expressway.
HEB group executive director and co-founder Datuk Kunasingam V. Sittampalam said the group was poised to enter a new phase of growth as a listed entity, backed by its established track record and forward looking business strategy.
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