KUALA LUMPUR: Construction services company Tuju Setia Bhd has received approval from the Securities Commission to list on the Main Market of Bursa Malaysia.
In a statement Thursday, Tuju Setia said through its proposed wholly-owned subsidiary Pembinaan Tuju Setia Sdn Bhd (PTS), is involved in the provision of construction services as a main contractor, with experience in commercial, residential, and institutional buildings mainly in Klang Valley.
Tuju Setia said notable non-residential projects completed include Setia Walk, Setia Sky Residences (Celeste & Divina Tower), TWY Mont Kiara, Geo Bukit Rimau, Top Glove Corporate Office Tower, Menara TCM, and St Joseph’s Institution International School Malaysia (previously Tropicana International School).
Managing director Wee Eng Kong said as a main contractor, PTS has a diverse portfolio in the construction of commercial, residential and institutional buildings, with core expertise in high-rise buildings.
"Tuju Setia's listing on the main market of Bursa Malaysia will position us to move into a new chapter of our journey, and embark on further growth in the construction industry," he said.
Tuju Setia said PTS is a Grade G7 contractor registered with the Construction Industry Development Board (CIDB) of Malaysia, allowing it to undertake projects with unlimited value.
PTS is also registered with CIDB under code B29 which permits it to undertake construction of hospitals and healthcare facilities, and holds the Sijil Perolehan Kerja Kerajaan that enables its participation in tenders for government projects.
To facilitate the proposed listing, Tuju Setia will undertake an exercise to acquire 100% equity interest in PTS, and as a group will list on the Main Market of Bursa Malaysia.
Tuju Setia targets to be listed in the second quarter of 2021.
Alliance Investment Bank Bhd is the principal adviser, underwriter and placement agent for Tuju Setia’s initial public offer exercise.