Hartanah Kenyalang raises RM19.3 million from ACE Market debut
Boon Kee (fourth from left) and Boon Tiat (fifth from right) during the gong hitting ceremony in conjunction with Hartanah Kenyalang Berhad's ACE Market debut on Monday morning.
KUCHING (June 9): Sarawak-based construction company Hartanah Kenyalang Berhad has successfully raised RM19.3 million through its initial public offering (IPO) on the ACE Market of Bursa Malaysia this morning.
The stock opened at 16 sen, unchanged from its initial IPO price of 16 sen per share.
Non-independent executive director and deputy managing director Seah Boon Kee said the company is satisfied with the debut despite ongoing global trade tensions.
'So far, it seems okay to us at this moment. Of course, the current market sentiment is affected by trade issues between two major global economies.
'But we believe this does not reflect the true value of our company. As the price is stable at this moment, so far so good,' he told reporters at a press conference after the listing.
Hartanah Kenyalang is an investment holding company, while its wholly owned subsidiary, Hartanah Construction Sdn Bhd, provides building construction services focused on institutional and non-residential buildings and infrastructure works such as bridges and roads.
The group has been operating in Sarawak's construction industry since 2010.
Seah said the company's primary focus remains on government projects.
'We are mainly focusing on government contracts, especially from departments like Public Works Department (JKR), Sarawak Rural Water Supply Department (JBALB) and Sarawak Energy Berhad (SEB).
'We are also looking at other sectors (beyond government projects) to diversify our base, but the majority of our work still targets Sarawak government projects.
'Sarawak is booming right now, and we want to have this opportunity to grow together with Sarawak,' he said, adding that the group has no immediate plans to expand beyond Sarawak.
'Our concentration will still be in Sarawak for now,' he added.
Managing director Seah Boon Tiat in a statement said the company sees strong prospects in the state as the Sarawak government has allocated around RM1 billion for the construction of roads and bridges to enhance infrastructure and connectivity.
'As of April 30, 2025, we have tendered for various projects worth a combined RM451 million.
'One of these is a bridge project using the design and build method, incorporating Building Information Modelling (BIM) into our operations. This will allow us to move up the construction value chain and improve our competitiveness,' he said.
Ahead of the listing, Hartanah Kenyalang's shares saw strong demand from public investors with applications exceeding the available public portion by 5.33 times.
From the RM19.3 million raised, RM3 million will go towards the purchase of six new excavators to boost capacity and productivity.
RM10.5 million will be allocated for project working capital, mainly for payments to subcontractors and suppliers. Another RM2.1 million will be used to repay bank loans and RM3.8 million for listing expenses.
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