KUALA LUMPUR: Cheeding Holdings Bhd
, a utilities engineering solutions provider, has signed an underwriting agreement with TA Securities Holdings Bhd for its proposed initial public offering (IPO) on the ACE Market of Bursa Malaysia.
Cheeding provides utilities engineering solutions, including engineering, procurement, construction, and commissioning (EPCC) and maintenance of overhead and underground infrastructure and substation engineering.
It is a CIDB Grade G7 contractor with accreditations from Tenaga Nasional Bhd, the Ministry of Finance and the Energy Commission.
In a statement, Cheeding said the IPO will involve a public issue of 143 million new shares and an offer for sale of 65 million existing shares, allocated to the public, eligible individuals, Bumiputera investors approved by MITI, and selected investors.
TA Securities is the principal adviser, sponsor, underwriter, and placement agent for Cheeding’s IPO exercise.
Under the agreement, TA Securities will underwrite 48.03 million issue shares for the Malaysian public and pink form allocations.
Cheeding chief operating officer Ng Lam Shein said the underwriting agreement marks a significant milestone in the group’s journey towards listing and reflects stakeholders’ confidence in its fundamentals, built over nearly two decades in Malaysia’s power infrastructure utilities industry.
“Looking ahead, the IPO will enable us to scale more decisively, not just in terms of project size, but also in the depth of solutions we offer.
“We are focused on growing our design and engineering capabilities, expanding our footprint in overhead line, underground and substation works, and strengthening our internal systems to support long-term growth. This is a new chapter for Cheeding, and we are ready,” Ng said.
