Latest news with #Enproserve
New Straits Times
3 days ago
- Business
- New Straits Times
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.
The Star
03-06-2025
- Business
- The Star
Enproserve, KAF Investment sign IPO deal
From left: Mohd Nizam Yaakub, CEO, Enproserve Group; Azman Yusof, group managing director; Datuk Hashim Majid, independent non-executive chairman; Rohaizad Ismail, CEO, KAF Investment Bank; and Azmi Hariss Ibrahim, corporate finance director. KUALA LUMPUR: Enproserve Group Bhd has signed an underwriting agreement with KAF Investment Bank Bhd for its proposed initial public offering (IPO) en route to its listing on the ACE Market of Bursa Malaysia Securities Bhd. In a statement yesterday, the mechanical and civil engineering service provider for the oil and gas (O&G) and petrochemical industries said the IPO comprises a public issue of 210 million new ordinary shares and an offer for sale of 105 million existing shares. 'Of the public issue shares, 139.18 million shares will be offered to selected investors via private placement, while 52.5 million shares will be made available to the Malaysian public by way of balloting. '(Another) 18.32 million shares will be reserved for eligible directors, employees, and persons who have contributed to the company's success,' it said. Under the deal, the investment bank will underwrite a total of 70.82 million public issue shares, comprising those offered to the Malaysian public via balloting and those reserved for eligible directors, employees, and individuals who have contributed to the group's success. Enproserve group managing director Azman Yusof said the IPO is part of the company's plan to strengthen its operations in the O&G and petrochemical sectors. He said the IPO is the next step in its expansion plan, providing capital to enhance its capacity and capabilities, thereby seizing growth opportunities. 'Our business model provides fundamental resilience and is robustly insulated from crude oil price volatility and the direct impact of United States tariffs. 'The funds raised will be mostly used for procuring new machinery, equipment, and vehicles, which will fortify our capabilities to take on larger jobs amid increasing market demand,' he said. KAF Investment Bank chief executive officer Rohaizad Ismail praised Enproserve's management, noting its experience in delivering engineering services to clients in the O&G and petrochemical sectors. 'We are honoured to play an instrumental role in Enproserve's efforts to tap into the capital market to energise its future and reach greater heights,' he said. Furthermore, Enproserve said that, barring unforeseen circumstances, the group is targeting a listing in the third quarter of 2025. KAF Investment Bank is the principal adviser, sponsor, underwriter, and placement agent for the IPO exercise. — Bernama
The Star
03-06-2025
- Business
- The Star
ACE Market-bound Enproserve inks underwriting deal with KAF Investment Bank
From left: Mohd Nizam Yaakub, CEO, Enproserve Group; Azman Yusof, group managing director; Datuk Hashim Majid, independent non-executive chairman; Rohaizad Ismail, CEO, KAF Investment Bank; and Azmi Hariss Ibrahim, corporate finance director KUALA LUMPUR: Enproserve Group Bhd has signed an underwriting agreement with KAF Investment Bank Bhd for its proposed listing on the ACE Market of Bursa Malaysia. Under the terms of the agreement, KAF Investment Bank will underwrite a total of 70.82 million public issue shares, wich will be made available to the Malaysian public via balloting and to eligible directors, employees, and persons who have contributed to the success of the group. Enproserve, which is targeting a listing in the third quarter of 2025, is a mechanical and civil engineering service provider for the oil and gas (O&G) and petrochemical industries. It specialises in plant maintenance and turnaround (PMT) and engineering, procurement, construction, and commissioning (EPCC) services and rental of heavy lifting equipment and vehicles mainly for the downstream O&G and petrochemical industries in Malaysia, with involvement also in the upstream and midstream sectors. According to group managing director Azman Yusof, the company's business model provides fundamental resilience and is insulated from crude oil price volatility and the direct impact of US tariffs. "The funds raised will be mostly used for procuring new machinery, equipment, and vehicles, which will fortify our capabilities to take on larger jobs amid increasing market demand,' he added in a statement. The company's IPO entails a public issue of 210 million new shares and an offer for sale of 105 million existing shares. Of the 210 million public issue shares, 139.18 million will be allocated to selected investors via private placement. Another 52.5 million public issue shares will be made available via application by the Malaysian public by way of balloting, while 18.32 million public issue shares will be reserved for application by the eligible directors, employees and persons who have contributed to the success of Enproserve. KAF Investment Bank is the principal adviser, sponsor, underwriter and placement agent for the Group's flotation exercise.
