From left: M&A Securities head of corporate finance Gary Ting, Keyfield executive director and group chief operating officer Mohd Erwan Ahmad, exective director and group CEO Datuk Darren Kee Chit Huei, independent non-executive chairperson Haida Shenny Hazri, M&A Equiry Holdings Bhd managing director Datuk Bill Tan, Maybank Investment Bank Bhd officer-in-charge Tengku Ariff Azhar Tengku Mohamed and regional head of ECM Raymond Chooi
KUALA LUMPUR: Keyfield International Bhd has plans to raise about RM188.1mil from its initial public offering via the issuance of 209 million new shares at 90 sen a share.
In a statement, the group said the proceeds shall mainly go towards redeeming its cumulative redeemable non-convertible preference shares (CRNCPS), as well as to settle the balance purchase consideration for two vessels, namely Blooming Wisdom and Keyfield Helms 1.
"The CRNCPS were previously issued to acquire three vessels, namely Keyfield Compassion, Keyfield Commander and Keyfield Grace. The remaining proceeds will be utilised for repayment of bank borrowings, working capital and listing related expenses.
"Post utilisation of IPO proceeds, Keyfield’s pro forma gearing will be 0.1 times," it said.
Keyfield executive director and group CEO Darren Kee Chit Huei said the offshore accommodation specialist is poised for continued growth as it rides on a surge in demand for offshore accommodation.
"We aim to strengthen our market share through the expansion of our fleet, in addition to broadening our service offerings, which include the chartering of anchor handling tug and supply vessels that can also serve as smaller sized accommodation vessels to meet the growing demands of the local oil and gas industry.
"We strive to continuously contribute positively to the industry by offering a comprehensive range of quality accommodation vessels and services that conforms to industry health, safety, and environmental guidelines," he said.
Keyfield, which is scheduled to list on the Main Market of Bursa Malaysia on April 22, 2024, is principally involved in the chartering of vessels, particularly accommodation work boats. It has a fleet of 11 Malaysian-flagged vessels with capacities ranging from 50 to 500 persons.
Applications for the public issue will be made available today (March 26) and will close on April 3, 2024.
M&A Securities Sdn Bhd is the principal adviser and underwriter for Keyfield’s IPO.
It is also the joint placement agent together with Maybank Investment Bank Bhd
