22/04/2024 04:53 PM

KUALA LUMPUR, April 22 (Bernama) -- Keyfield International Bhd debuted on Bursa Malaysia's Main Market today with a stunning 80 sen, or 89 per cent premium over its initial public offering price of 90 sen.

At the opening bell, the counter saw 18.66 million shares changing hands.

Executive director and chief executive officer Datuk Darren Kee Chit Huei said the opening price validated the over-subscription of its shares, demonstrating the investing public’s confidence in Keyfield and the offshore support vessels industry, particularly for accommodation work boats. 

He said the funds raised will be used to pare down the  company’s borrowings “as we take a step forward into a new chapter towards future growth opportunities.”

"The expected surge in offshore activities, coupled with the limited supply of suitable vessels in the industry, bodes well for local offshore accommodation vessel players. 

"With our fleet of 11 Malaysian-flagged vessels and access to third-party vessels, Keyfield is well positioned to support the local oil and gas industry,” he said in a statement today. 

Keyfield raised RM188.1 million from its IPO exercise, of which RM61.5 million would be utilised to redeem Keyfield’s cumulative redeemable non-convertible preference shares. A sum of RM65.0 million and RM35.0 million is to settle the payment balance for two vessels, namely Blooming Wisdom and Keyfield Helms 1, respectively, and RM26.6 million to repay bank borrowings, working capital and listing-related expenses. 

In a press conference after the listing ceremony, he said the company would not face direct impact from the current geopolitical tensions in the Middle East since they are fully operated in Southeast Asia.

"For now all our revenue is derived from Malaysia and some of it near Thailand, so I think the geopolitical tensions in the Middle East would not have a direct impact on us since we fully operate in this region.

"If there is a major escalation of the war, it will certainly affect the entire market and this is something that we need to face, but in terms of direct work, there is no cancellation of work orders because all of our clients (are) in this region," he said.

Kee said the company has 11 vessels and also runs third-party vessels, with all of the vessels fully chartered out. Given the current situation, he said the company is still looking for suitable vessels to meet growing work orders. "We will be looking at acquiring three vessels, one of them was acquired in January, so we are still looking at negotiating for the right vessels to be acquired," he added.

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.


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