Enproserve launches IPO at 24 sen a share to raise RM50.4mil
KUALA LUMPUR: Enproserve Group Bhd has launched its initial public offering (IPO) at 24 sen per share, aiming to raise RM50.4 million to boost its capacity in mechanical and civil engineering services for the oil and gas, and petrochemical industries.
The company's IPO, which opened for applications today and closes on July 8, involves the issuance of 315 million shares, representing 30 per cent of its enlarged share capital of 1.05 billion shares.
Of the RM50.4 million proceeds raised from the new share issuance, Enproserve plans to allocate RM33.7 million or 66.9 per cent for capital and operational expenditure, including the purchase of heavy-lifting equipment, facility upgrades and expansion of its plant maintenance and turnaround services.
Group managing director Azman Yusof said the listing marks a pivotal step in the group's next growth phase, especially as it prepares to meet surging demand under long-term contracts with industry giants like Petronas and PRefChem.
"We are gearing up for Malaysia's largest-ever plant turnaround exercise at a petrochemical facility in Johor. This IPO allows us to invest in equipment and improve internal capabilities to support large-scale projects," he said in a statement.
Azman added that the group is also constructing a new crane depot and expanding its asset rental operations to create a steady secondary revenue stream and improve operational efficiency.
Enproserve recorded its best-ever financial performance in FY2024, with revenue rising 21 per cent year-on-year to RM198.4 million and net profit surging 71 per cent to RM21.1 million.
Of the 210 million new shares, 139.18 million will be placed out to selected investors, 52.5 million will be offered to the Malaysian public via balloting, and 18.32 million reserved for eligible directors, staff and contributors.
The 105 million offer-for-sale shares will be allocated via private placement.
KAF Investment Bank is the principal adviser, sponsor, sole placement agent, and underwriter for the IPO. Enproserve is scheduled to list on the ACE Market of Bursa Malaysia on July 18.
Founded in 2001, Enproserve is a long-standing engineering service provider to Petronas and PRefChem, with operations spanning Johor, Melaka, Terengganu, and Putrajaya.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Sun
25 minutes ago
- The Sun
ASEAN economic integration boosts regional financial independence
KUALA LUMPUR: Greater economic integration within ASEAN is driving efforts to establish an independent regional financial system, reducing dependency on external currencies and improving monetary stability, according to a Malaysian analyst. Lee Pei May, a political expert at the International Islamic University Malaysia, highlighted in an interview with Xinhua that these measures aim to mitigate financial volatility rather than target any specific country. The shift toward local currencies for intra-ASEAN trade will streamline cross-border transactions, expand market access for micro, small, and medium enterprises (MSMEs), and boost regional tourism. 'The push for the use of local currencies has been ongoing for some time, as it helps strengthen the economic integration of ASEAN member states -- an important goal that ASEAN seeks to pursue,' Lee explained. She noted that other regions are also reducing reliance on dominant foreign currencies like the US dollar due to external interest rate fluctuations and policy shifts that can destabilize exchange rates. Cross-border payments in local currencies offer faster, cheaper transactions while shielding businesses from external volatility. Lee emphasized the tourism sector as a key beneficiary, as travelers within ASEAN will no longer face the inconvenience of currency exchange. The Regional Payment Connectivity (RPC) initiative, initially involving Malaysia, Thailand, Singapore, Indonesia, and the Philippines, has expanded to include Vietnam, Laos, Brunei, and Cambodia. 'The participation would bring about seamless cross-border transactions and boost tourism in the region,' Lee stated. Growing awareness of risks tied to US dollar dependency has accelerated ASEAN's push for financial resilience. 'In the past, certain currencies were viewed as stable, but due to increasingly unpredictable global developments, this perception is shifting,' Lee added. She warned that economic tools used to pressure policy differences could have adverse effects, reinforcing the need for regional financial safeguards.
Borneo Post
an hour ago
- Borneo Post
Fadillah concludes central Asian visits, nuclear energy revival on the horizon
Fadillah's visit focused on the potential revival of Malaysia's nuclear energy programme, alongside collaboration in the halal economy, tourism, energy investments and Islamic finance. – Bernama photo MOSCOW (June 28): Deputy Prime Minister Datuk Seri Fadillah Yusof has concluded his eight-day working visit to Uzbekistan and Russia, marking a pivotal step in Malaysia's renewed efforts to strengthen strategic international partnerships. The visit focused on the potential revival of Malaysia's nuclear energy programme, alongside collaboration in the halal economy, tourism, energy investments and Islamic finance. A key milestone was the signing of a non-disclosure agreement (NDA) between MyPower Corporation, a special-purpose agency under the Ministry of Energy Transition and Water Transformation (Petra), and the Russian state atomic energy agency Rosatom. The agreement paves the way for potential cooperation in the peaceful use of nuclear technology, as Malaysia re-evaluates its long-term energy strategy. As Malaysia advances its National Energy Transition Roadmap, nuclear energy is being seriously considered as a reliable, clean baseload option to diversify the energy mix and achieve long-term climate and energy security goals. Malaysia previously had a robust nuclear development agenda, including plans to commission two nuclear power plants by 2021. However, these plans were shelved, and the Malaysia Nuclear Power Corporation was disbanded in 2018. Today, amid increasing pressure to decarbonise and diversify its energy sources, nuclear energy is once again under consideration as a viable low-carbon option. A recently completed pre-feasibility study yielded encouraging findings, prompting the government to explore implementation pathways that align fully with global safety, security and non-proliferation standards. The visit also reinforced Malaysia's global halal leadership. Both Uzbekistan and Russia expressed strong interest in leveraging Malaysia's well-established halal ecosystem. Additionally, the Uzbek government extended a formal invitation to Malaysia's national oil and gas company, Petroliam Nasional Bhd (Petronas), to consider reinvesting in the republic's energy sector. Petronas had exited Uzbekistan in 2013, but new opportunities in exploration and upstream development have emerged as Uzbekistan seeks to revitalise its energy landscape. Tourism ties were boosted by AirAsia X's launch of direct flights from Kuala Lumpur to Tashkent, operating three times weekly. Recognising the potential to further enhance travel and trade, Fadillah encouraged AirAsia X to expand its route to include Samarkand, a historic Silk Road city and Unesco World Heritage Site, offering added value for both leisure and cultural tourism. Uzbekistan is also keen to collaborate with Malaysia on carbon trading, and has expressed interest in tapping Malaysia's extensive experience in developing the sukuk market — an area in which Malaysia is widely recognised as a global leader in Islamic finance. – Bernama airasia x fadillah yusof malaysia nuclear Russia Uzbekistan
New Straits Times
an hour ago
- New Straits Times
DPM Fadillah concludes Central Asian visits, nuclear energy revival on the horizon
MOSCOW: Deputy Prime Minister Datuk Seri Fadillah Yusof has concluded his eight-day working visit to Uzbekistan and Russia, marking a pivotal step in Malaysia's renewed efforts to strengthen strategic international partnerships. The visit focused on the potential revival of Malaysia's nuclear energy programme, alongside collaboration in the halal economy, tourism, energy investments and Islamic finance. A key milestone was the signing of a non-disclosure agreement (NDA) between MyPower Corporation, a special-purpose agency under the Energy Transition and Water Transformation Ministry, and the Russian state atomic energy agency Rosatom. The agreement paves the way for potential cooperation in the peaceful use of nuclear technology, as Malaysia re-evaluates its long-term energy strategy. As Malaysia advances its National Energy Transition Roadmap, nuclear energy is being seriously considered as a reliable, clean baseload option to diversify the energy mix and achieve long-term climate and energy security goals. Malaysia previously had a robust nuclear development agenda, including plans to commission two nuclear power plants by 2021. However, these plans were shelved, and the Malaysia Nuclear Power Corporation was disbanded in 2018. Today, amid increasing pressure to decarbonise and diversify its energy sources, nuclear energy is once again under consideration as a viable low-carbon option. A recently completed pre-feasibility study yielded encouraging findings, prompting the government to explore implementation pathways that align fully with global safety, security and non-proliferation standards. The visit also reinforced Malaysia's global halal leadership. Both Uzbekistan and Russia expressed strong interest in leveraging Malaysia's well-established halal ecosystem. Additionally, the Uzbek government extended a formal invitation to Malaysia's national oil and gas company, Petroliam Nasional Bhd (Petronas), to consider reinvesting in the republic's energy sector. Petronas had exited Uzbekistan in 2013, but new opportunities in exploration and upstream development have emerged as Uzbekistan seeks to revitalise its energy landscape. Tourism ties were boosted by AirAsia X's launch of direct flights from Kuala Lumpur to Tashkent, operating three times weekly. Recognising the potential to further enhance travel and trade, Fadillah encouraged AirAsia X to expand its route to include Samarkand, a historic Silk Road city and UNESCO World Heritage Site, offering added value for both leisure and cultural tourism. Uzbekistan is also keen to collaborate with Malaysia on carbon trading, and has expressed interest in tapping Malaysia's extensive experience in developing the sukuk market — an area in which Malaysia is widely recognised as a global leader in Islamic finance. – Bernama
