PETALING JAYA: Utilities engineering services provider Cheeding Holdings Bhd
aims to raise RM51.5 million via its initial public offering (IPO), ahead of its ACE Market listing on Bursa Malaysia Securities Bhd on Oct 7, 2025.
The IPO entails the issuance of 143 million new shares at an issue price of 36 sen per share.
Of the total proceeds, Cheeding said RM2.3 million, or 4.5 per cent, will be used to repay bank borrowings, RM3.2 million (6.2 per cent) to acquire new construction machinery, RM16.2 million (31.4 per cent) to provide performance bonds for future projects, RM24.6 million (47.8 per cent) for working capital needs, and RM5.2 million (10.1 per cent) to defray listing expenses.
Cheeding is a Construction Industry Development Board (CIDB) Grade G7 contractor with accreditations from Tenaga Nasional Bhd, the Ministry of Finance and the Energy Commission.
Chief operating officer Ng Lam Shein said the company’s strength lies in its expertise in transmission lines, underground cabling and substation works, which require precision, safety and reliability.
"We have built our reputation by consistently delivering high-quality projects on time and in full compliance with client standards, earning the trust of power and utility partners across the sector.
"At present, we have contracts worth more than RM270 million across Peninsular Malaysia, all of which contribute to strengthening the nation’s power infrastructure,” he said at the company’s prospectus launch here today.
Ng said the years ahead will be even more promising for Cheeding as Malaysia’s electricity demand is expected to grow strongly.
"The entry of new data centres, industrial parks and renewable energy projects means the national grid must be expanded and reinforced to provide the stable, high-capacity power supply needed to avoid bottlenecks,” he said.
The IPO is open for subscription until 5 pm on Sept 23, 2025.
TA Securities is the IPO’s principal adviser, sponsor, underwriter and placement agent. - Bernama
