KUALA LUMPUR: Hartanah Kenyalang Bhd
has signed an underwriting agreement with TA Securities Holdings Bhd for its upcoming initial public offering (IPO) on the ACE Market of Bursa Malaysia.
Hartanah Kenyalang is targeting to list its entire enlarged issued share capital of 620.0 million ordinary shares by the second quarter of 2025.
In a statement, the company said the IPO entailed the public offering of 198.4 million ordinary shares comprising a public issue of 120.9 million new shares and an offer for sale of 77.5 million existing shares, which collectively represent 32.0 per cent of Hartanah Kenyalang’s enlarged issued share capital of 620.0 million ordinary shares.
"TA Securities will underwrite 31.0 million new shares to be made available for application by the Malaysian public and 18.6 million new shares to be made available for application by the eligible directors, employees and persons who have contributed to the success of the group,” it said.
Hartanah Kenyalang is principally an investment holding company, while its subsidiary, Hartanah Construction Sdn Bhd, is involved in building construction services, with a focus on institutional buildings such as schools and other public buildings and other non-residential buildings, as well as infrastructure construction services, with a focus on bridges and roads.
Managing director Seah Boon Tiat said Hartanah Kenyalang plans to utilise part of the proceeds from the IPO exercise to purchase six new excavators to replace some of its older excavators, as well as increase its capacity and productivity for construction works.
"In addition, we also plan to expand into offering design and build services for both our building construction and infrastructure construction services segments by investing in a building information modelling system where this technology digitises various aspects of a construction project by using a three-dimensional model,” he said.
TA Securities is Hartanah Kenyalang’s principal adviser, sponsor, sole underwriter and sole placement agent for its IPO and listing.- Bernama
