From left: Jack-In Group corporate finance and investor relations manager Bryan Leong, director Leng Kean Yong, chairman and managing director H’ng Bok Chuan, executive director H’ng Hup Choong, and executive director Paul Kuan Chee Yeow.
KUALA LUMPUR: Piling and foundation specialist Jack-In Group, co-founded by Malaysian brothers H’ng Bok Chuan and H’ng Hup Choong, was listed on the Australian Stock Exchange (ASX) on Friday through a reverse takeover (RTO) of Oilfield Workforce Group Ltd.
The group said in a statement that this followed a successful capital raising of raised A$6.85mil (RM22.2mil).
The funds were raised under its prospectus offering dated Nov 18, with 34.265 million shares issued at A$0.20 per share to new shareholders.
“The public offer received strong interest from local institutional investors, representing a growing confidence in the construction market, both in its local market of Malaysia and in Australia,” it said.
Jack-In Group, whose subsidiary Jack-In Pile (M) Sdn Bhd is one of the largest injection piling companies in Malaysia. will use the funds raised for its expansion plan.
This includes expanding existing piling capabilities, expanding into into new markets beginning with Australia, diversifying into machinery distribution and sales, and expanding vertically beyond residential construction projects.
Jack-In Group has identified a significant opportunity in the Australian market for its piling system, particularly in urban developments.
Furthermore, through its new partnership with Sunward Intelligence Equipment, it would start its Australian operations with machinery distribution, sales and services of construction equipment there, it said.
“Within the next five years, the group is targeting to achieve significant proportion of revenue contribution from the sale and distribution of construction equipment in Australia,” the company said.
Prior to the RTO, the Singapore-headquartered Oilfield Workforce provided turnkey manpower solutions to the oil and gas industry.
The group’s co-founders Bok Chuan and Hup Choong, who are now substantial shareholders of the listed entity, have more than 50 years of combined experience and a vast network of contacts across the piling and construction industry in Malaysia.
Jack-in Group started trading today under the name of Oilfield Workforce Group and the ticker “OFW”. It will change its ticker to “JIP”.
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