KUALA LUMPUR: SKA Capital Bhd has signed an underwriting agreement with TA Securities Holdings Bhd for its proposed listing on the ACE Market of Bursa Malaysia.
In a statement, the power infrastructure engineering solutions provider said the proposed initial public offering (IPO) will comprise a public issue of 168.08 million new shares and an offer for sale of 72.4 million existing shares.
Of the new shares, 44.78 million will be made available to the Malaysian public, while 8.96 million will be allocated to eligible directors, employees and other persons who have contributed to the group.
Another 111.94 million shares will be placed out to Bumiputera investors approved by the Investment, Trade and Industry Ministry, while 2.41 million shares will be offered to selected investors.
The 72.4 million existing shares under the offer for sale will also be placed with selected investors.
Under the agreement, TA Securities will underwrite 53.73 million new shares allocated to the Malaysian public and eligible persons.
TA Securities is the principal adviser, sponsor, underwriter and placement agent for the IPO.
SKA Capital managing director Datuk Subas Kumar Ambairam said proceeds from the IPO would be used to strengthen the group's financial position and internal capabilities as it seeks to undertake larger projects and broaden its range of services.
“Looking ahead, the IPO will strengthen our financial position and internal capabilities, enabling us to scale more decisively in terms of both project size and the depth of solutions we offer.
“We see sustained opportunities arising from Malaysia’s growing electricity demand, continued grid expansion and modernisation, renewable energy integration, as well as the rapid development of data centres and other power-intensive industries,” he said.
With its capabilities in substation engineering and underground utilities, Subas said SKA Capital is well positioned to pursue power infrastructure projects arising from these long-term industry drivers.
“We intend to leverage our established track record and resources to pursue larger-scale projects, expand our presence in underground utilities engineering and participate in new projects across Peninsular Malaysia. This is a new chapter for SKA Capital, and we are ready.”
Through subsidiaries SKA Rekabina Sdn Bhd and Reltency Engineering Services Sdn Bhd, the group provides power infrastructure engineering solutions including substation engineering, engineering, procurement, construction and commissioning services, underground utilities engineering and the trading of electrical equipment and construction materials.
The group, which traces its operating history to 2009, has about 17 years of experience in the power infrastructure sector.
It is registered as a Grade G7 contractor with the Construction Industry Development Board and as a supplier and service contractor with Tenaga Nasional Bhd
. It is also registered with the Finance Ministry and holds a Class A electrical contractor registration with the Energy Commission.
