PETALING JAYA: Pioneer Heat Holdings Bhd has struck an underwriting agreement with Malacca Securities Bhd in conjunction with its initial public offering (IPO) on the ACE Market of Bursa Malaysia.
According to the exposure draft prospectus, the provider of mechanical engineering services is undertaking a public issue of 86.7 million new shares and an offer for sale of 17.35 million existing shares.
Under the public issue, the company will undertake a private placement of 58.95 million new shares to selected investors.
Pioneer Heat will also make available 17.35 million new shares to the Malaysian public, and 10.41 million new shares to eligible directors and employees, as well as persons who have contributed to the success of Pioneer Heat and its subsidiaries.
Malacca Securities will undertake to underwrite the 27.75 million shares made available to the Malaysian public and eligible persons.
“Over the years, we have built our capabilities around specialised mechanical engineering services that support the full lifecycle of industrial plants, from new plant construction to maintenance, turnarounds, modifications and refurbishment works,” the company said.
