Steel Hawk signs underwriting agreement with UOB for upcoming transfer of listing

Steel Hawk Bhd deputy chairman and executive director Datuk Sharman K. Michael (left) and UOB Kay Hian Securities (M) Sdn Bhd chief executive officer David Lim Meng Hoe (right).

PETALING JAYA: Oil and gas services and equipment provider, Steel Hawk Bhd has inked an underwriting agreement with UOB Kay Hian Securities (M) Sdn Bhd (UOBKH) for its upcoming transfer of listing to the ACE Market of Bursa Malaysia Securities Bhd.

Currently listed on the LEAP Market of Bursa Securities, Steel Hawk, through its subsidiaries, is principally involved in the provision of onshore and offshore support services for the oil and gas industry with operations based in Kemaman, Terengganu and Miri, Sarawak.

The group provides support services for oil and gas facilities, both onshore and offshore.

This includes engineering, procurement, construction, and commissioning (EPCC) services for chemical injection skids installed on exploration and production facilities such as platforms, rigs, and terminals.

The group further provides facilities improvement and maintenance services that focus on the overall improvement and maintenance of rigs.

Steel Hawk also performs on-site installation and maintenance such as repairing, refurbishment, and replacement of oilfield equipment as well as supply and delivery of oilfield equipment including pipeline inspection gauge trap system, fire-rated doors, and oil spill recovery equipment.

In a statement, the company said its initial public offering IPO exercise entails a public issuance of 90 million new ordinary shares, making up 18.37% of the group’s enlarged share capital of 490 million shares.

It also involves an offer for sale of 44.70 million existing shares, or 9.12% of the enlarged share capital, to selected investors by way of private placement.

Out of the 90 million new shares to be issued, 24.50 million new shares, representing 5% of the enlarged share capital will be open for application to the Malaysian public. 12.25 million shares representing 2.50% of the enlarged share capital will be made available to eligible employees and persons who have contributed to the success of the group (pink form shares).

Meanwhile, 53.25 million new shares, or 10.87%, of the enlarged share capital will be issued to selected investors by way of private placement.

Pursuant to the underwriting agreement, UOBKH will underwrite 36.75 million new shares made available for pink form shares and the Malaysian public.