KUALA LUMPUR: United Asiapac Energy Bhd has signed an underwriting agreement with TA Securities Holdings Bhd in conjunction with its proposed listing on the ACE Market of Bursa Malaysia Securities Bhd.
In a statement, United Asiapac Energy said the initial public offering (IPO) will involve the issuance of 139.22 million new shares.
TA Securities will underwrite 37.5 million shares, comprising 27.5 million shares for the Malaysian public and 10 million shares for eligible directors, employees and contributors. The remaining 101.72 million shares will be placed with selected investors.
United Asiapac Energy provides specialised well intervention services for Malaysia's upstream oil and gas industry, including fishing, plug and abandonment (P&A), sidetracking and other well intervention solutions.
The IPO proceeds will primarily be used to expand the company's portfolio of specialised well-intervention tools and equipment, strengthen its operational capabilities, and recruit engineers to support new well-intervention solutions.
The remaining funds will be allocated for the acquisition of a new corporate office, repayment of bank borrowings, working capital, and listing expenses.
“The signing of this underwriting agreement brings us one step closer to the ACE Market Listing and marks an important milestone in our journey from a specialised service provider to a listed company.
“We remain focused on what has built our reputation in delivering safe, reliable well intervention solutions while positioning our business for the next phase of growth,” managing director Ahmad Fadzuli Ali said.
TA Securities head of corporate finance Dominic Seah said the listing is expected to strengthen United Asiapac Energy’s market presence and provide investors with an opportunity to participate in its future growth.
United Asiapac Energy is expected to be listed on the ACE Market in the third quarter of 2026.
TA Securities is the principal adviser, sponsor, underwriter and placement agent for the IPO.
