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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
an hour ago
- The Star
Bursa up as investors welcome trade framework
At 5pm, the FBM KLCI rose 6.89 points, or 0.45% to 1,523.84 from Tuesday's close of 1,516.95. KUALA LUMPUR: Bursa Malaysia ended higher yesterday, with investors adopting a cautiously optimistic stance following the announcement of a United States-China trade framework agreement, which includes provisions on technology trade. At 5pm, the FBM KLCI rose 6.89 points, or 0.45% to 1,523.84 from Tuesday's close of 1,516.95. The benchmark index opened 3.91 points higher at 1,520.86 yesterday morning, which was its day's low, and subsequently moved to a high of 1,530.85 in the early session. On the broader market, gainers thumped decliners 545 to 375, while 528 counters were unchanged, 921 untraded and 11 suspended. Turnover soared to 3.27 billion units worth RM2.59bil compared with yesterday's 2.72 billion units worth RM2.09bil. UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan told Bernama that the development in the US-China trade negotiations marks a constructive step toward de-escalation, although it falls short of a material breakthrough. Domestically, the market found additional support from encouraging macroeconomic data, with figures released yesterday by the Statistics Department showing that the sales value of the manufacturing sector rose by 4.8% year-on-year in April 2025, reaching RM160.6bil. — Bernama
The Star
an hour ago
- The Star
AirAsia close to buying at least 100 Airbus jets
AirAsia operates an all-Airbus fleet and has previously said it was looking to add smaller planes to its fleet for regional routes. PARIS: AirAsia is in advanced discussions to place an order for at least 100 Airbus jets at next week's Paris Airshow, a deal likely to mark the introduction to its fleet of the planemaker's smallest jet, the A220, industry sources say. Malaysia-based low-cost carrier AirAsia operates an all-Airbus fleet and has previously said it was looking to add smaller planes to its fleet for regional routes. One of Airbus's biggest customers with a few hundred planes already on order, the airline has not placed an order since before the pandemic. It has taken few deliveries in recent years and has been steadily restructuring its order book as it faced financial difficulties. The company, hard hit by pandemic travel restrictions, was classified by Malaysia's stock exchange as financially distressed in 2022. It says it hopes to exit this status by the middle of this year. Capital A plans to sell its AirAsia aviation business to long-haul unit AirAsia X to consolidate long and short-haul operations under a single AirAsia brand. — Reuters
The Star
7 hours ago
- The Star
Passengers reschedule travel plans and seek refunds following Jetstar Asia's abrupt closure
Jetstar Asia cancelled seven flights from Changi Airport on June 11 and re-timed another seven more. - Photo: ST SINGAPORE: Fin Guo was scheduled to fly home to Singapore from Okinawa at 9.20am on Wednesday (June 11), but the night before he was due to head to the airport, he was notified that his Jetstar Asia flight would be delayed by over 12 hours. Because of the delay, the 38-year-old will land in Singapore at 2.30am on June 12 – just hours before he's due at work at 9am. The budget carrier is the only airline that offers a direct flight between Okinawa and Singapore, so Mr Guo, who works in advertising, could only sit and wait. 'Now I'm typing this in Naha Airport,' he said to The Straits Times in a text message. 'I just want to fly back to Singapore tonight.' Guo was among thousands of passengers who were affected by flight delays or cancellations following the surprise announcement on June 11 that Jetstar Asia would cease operations from July 31. The airline cancelled seven flights from Changi Airport on June 11 and re-timed another seven more. Aside from disrupted travel plans, other affected passengers also told ST that they found it difficult to get refunds for flight bookings. In a June 11 statement, the Singapore-based airline announced that it would close, citing rising costs and growing regional competition. ST understands that Jetstar Asia had decided to suspend flights at Changi Airport on the morning of June 11, so its crew would not receive the news of the airline's closure while in the air. Heather Cher had her family's flight to Penang on June 11 delayed by eight hours, from 7.25am to 3.25pm. 'We lost a day, because we'll reach only at the end of the day. It's a waste of time,' she said. The 50-year-old said she was disappointed by Jetstar's closure. She frequently takes the airline to Penang to visit relatives. Gary Cheong said he and his family woke up at 5am on June 11 to leave for the airport, not knowing that their flight had been re-timed. He had missed the e-mail Jetstar sent on June 10 that their flight to Penang had been re-timed. 'They should have let us know through SMS since it's urgent,' said the 58-year-old, who works as an assistant manager. Jetstar Asia's closure will mean one less option for Cheong and his family, who travel to Penang at least four times a year. The airline's closure came as a surprise to many passengers, including Ms Hayley P and her husband. They had booked a direct flight to Labuan Bajo on July 27. The route was recently released by the carrier. On June 11, they were informed that the flight has since been cancelled, and they would receive a refund within seven days. 'I'm hoping they follow through with an easy process and people don't need to chase,' she said. The 42-year-old floral stylist will now have to make a longer trip, since she has to fly through Bali, which will mean additional flights and two nights of accommodation. The changes come at a significant expense, she said. Some other passengers such as Charlotte Tan, 38, are worried that they will have difficulty getting refunds. Tan has over S$500 in travel vouchers with the airline from a flight cancellation in 2023 and said she was concerned about getting her money back. 'I just hope that there is some clarity soon,' she said. Consumers Association of Singapore (Case) president Melvin Yong urged passengers to approach the consumer watchdog if they require assistance. 'Case is working with Jetstar Asia to clarify how it intends to handle and process these refunds and rescheduled flights, and the recourse available to consumers should there be a dispute,' Yong wrote on Facebook. - The Straits Times/ANN
