KUALA LUMPUR: SKA Capital Bhd aims to deepen its substation engineering, procurement, construction and commissioning (EPCC) and underground utilities capabilities, broaden its customer base and progressively undertake larger and more complex projects.
The company also aims to secure new contracts and replenish its order book, while contributing to Malaysia’s evolving power infrastructure needs.
In a statement following its listing on the ACE Market of Bursa Malaysia today, SKA Capital said the group’s core capabilities will enable it to undertake a broad range of substation and underground utilities works.
Through its 70 per cent-owned subsidiary, Reltency Engineering Services Sdn Bhd, SKA Capital has expanded its capabilities to undertake projects awarded directly by Tenaga Nasional Bhd
(TNB) as a main contractor.
"This complements the group’s established experience in undertaking TNB-related works as a subcontractor to other main contractors, providing an additional avenue for the group to access power infrastructure opportunities,” it said.
Managing director Datuk Subas Kumar Ambairam said the initial public offering (IPO) comprised approximately 168.1 million new shares and 72.4 million offer shares at an IPO price of 43 sen per share.
Based on the enlarged issued share capital of 895.5 million shares, SKA Capital has a market capitalisation of approximately RM385.1 million upon listing.
"The proceeds raised from our IPO have strengthened our financial position, providing additional resources to support our working-capital requirements, performance bonds for future projects and the purchase of machinery and equipment.
"With this stronger platform, we are better positioned to pursue higher-value opportunities and scale the business with discipline,” he said.
At the opening bell, SKA Capital shares surged to 51 sen -- a premium of eight sen over the IPO price of 43 sen, with 19.59 million shares traded. - Bernama
