KUALA LUMPUR: Mechanical and civil engineering service provider, Enproserve Group Bhd has received approval from Bursa Malaysia Securities Bhd for its listing on the ACE Market of Bursa Securities.
In a statement, Enproserve said that its initial public offering (IPO) will involve a public issue of 210 million new ordinary shares and the sale of 105 million existing ordinary shares.
Of the 210 million public issue shares, 52.5 million will be allocated to the Malaysian public through balloting, 18.32 million to eligible directors, employees, and stakeholders of Enproserve, and 139.18 million to selected investors via private placement.
The 105 million shares under the offer for sale will also be allocated to selected investors.
Enproserve is fully accredited through Petroliam Nasional Bhd (PETRONAS) licenses and registrations of the relevant Standardised Work and Equipment Categories (SWEC) codes, authorising the group to provide a vast range of services to the O&G and petrochemical sectors in Malaysia.
Enproserve, with over 20 years of experience, provides plant maintenance & turnaround and engineering, procurement, construction, and commissioning, and facility management services for Malaysia's O&G, petrochemical, and government sectors.
“Seeking listing on the ACE Market is a natural trajectory for us, paving the way for expanding our operational footprint across Malaysia and enhancing our service offerings to better serve a wider range of clients across the O&G value chain,” Enproserve group managing director Azman Yusof said.
“Benefiting from the pivotal role of O&G and petrochemicals in Malaysia’s thriving economy, and bolstered by our impressive track record, we look forward to scaling new heights in delivering continued success,” he added.
Barring unforeseen circumstances, the group targets to be listed in the second quarter of 2025.
KAF Investment Bank Bhd is the principal adviser, underwriter, and placement agent for the group’s floating exercise.
