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Steel Hawk Eyes Raising RM13.50 Mln From Listing Transfer

16/08/2024 04:23 PM

KUALA LUMPUR, Aug 16 (Bernama) -- Steel Hawk Bhd has successfully launched its prospectus in conjunction with its upcoming listing transfer from the LEAP Market of Bursa Malaysia Securities Bhd to the ACE Market with a target to raise RM13.50 million.

The oil and gas services company’s deputy chairman and executive director Datuk Sharman K. Michael said the move will provide the company access to a wider fundraising platform to support expansion plans and further accelerate its long term growth initiatives.

"The outlook for Malaysia's oil and gas industry is positive, and Steel Hawk is well positioned to make the most out of the opportunities ahead. We anticipate a surge in potential contracts, which will enable us to expand our market share and drive improved financial performance,” he said in a statement today.

He revealed that the company aims to expand its engineering, procurement, construction and commissioning (EPCC) and maintenance services business for the renewable energy industry, specifically on solar energy infrastructure and hydroelectric. He said that from the proceeds, RM7 million (51.85 per cent) will be used to expand fabrication capacity by constructing an additional fabrication yard in Kemaman, Terengganu.

Steel Hawk said that out of the 90 million new shares to be issued, 24.50 million new shares, representing 5.00 per cent of the enlarged share capital, will be open to application by the Malaysian public.

“A total of 12.25 million shares, representing 2.50 per cent of the enlarged share capital will be made available to eligible employees and persons who have contributed to the success of the group (pink form shares). 53.25 million new shares, or 10.87 per cent of the enlarged share capital, will be issued to selected investors by way of private placement,” it said.

Based on the initial public offering (IPO) price of RM0.15 per share and its enlarged issued shares of 490 million shares, Steel Hawk’s market capitalisation upon listing will be about RM73.50 million.

“Following the prospectus launch, applications for shares are now open and will close on Aug 23, 2023. “The group is scheduled to be listed on the ACE Market on Sept 5, 2024,” it added.

UOB Kay Hian Securities (M) Sdn Bhd is the principal adviser, sponsor, underwriter, and placement agent of the listing transfer.

-- BERNAMA


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