From left: Lee Khim Haw, executive director and chief business development officer of PMW International; Lee Hon Hwa, executive director and CEO; Rohaizad Ismail, CEO of KAF Investment Bank; and Azmi Hariss Ibrahim, director of corporate finance
KUALA LUMPUR: PMW International Bhd
has inked an underwriting agreement with KAF Investment Bank Bhd (KAF) for its upcoming initial public offering (IPO) on Bursa Malaysia Securities Bhd’s ACE Market.
The manufacturer of pre-stressed spun concrete poles, piles, and other related reinforced concrete products said it is expected to list in mid-November 2025.
PMW said the IPO exercise involves a public issue of 178.41 million new ordinary shares and an offer for sale of 89.21 million existing ordinary shares.
"Of the 178.41 million public issue shares, 44.60 million will be made available to the Malaysian public via balloting; 22.30 million will be made available to eligible directors, employees and persons who have contributed to the company’s success.
"The 111.51 million public issue shares will be made available to bumiputera investors approved by the Investment, Trade and Industry Ministry (MITI), and 89.21 million shares under the offer for sale will be made available to selected investors by way of private placement," it said in a statement today.
PMW said the IPO proceeds will be used to fund business expansion, including the construction of a new facility in Tanjung Manis, Sarawak, to manufacture spun poles and piles, enabling PMW to better serve Sabah and Sarawak’s customers while capitalising on growing infrastructure opportunities there.
Part of the proceeds will be allocated to purchase new machinery and equipment to support moulds and spun poles and piles operations, while the remaining proceeds will be used for general working capital and the listing expenses, it said.
On its expansion in Tanjung Manis, Sarawak, PMW executive director and chief executive officer Lee Hon Hwa said the new facility will enable the company to tap into East Malaysia’s booming infrastructure development.
With an allocation of RM3.0 billion for the utilities sector under Budget 2025, he said the company is well-positioned to capitalise on this momentum and continue supporting the nation’s infrastructure growth.
"As electricity use and peak demand rise, power distributors are investing more to secure supply, meet future demand, and support the energy transition, creating opportunities for us to strengthen the country’s utility infrastructure.
"Looking ahead, our subsidiary PMW Lighting is also well-positioned to benefit from Malaysia’s growing lighting market, driven by major infrastructure projects across Peninsular Malaysia and East Malaysia, as well as ongoing urbanisation and new residential and commercial developments," he said.
KAF Investment Bank is the principal adviser, sponsor, sole underwriter and sole placement agent for the IPO. - Bernama
