Sarawak's Hartanah Kenyalang eyes RM19.3 mln from ACE Market IPO
KUCHING (April 30): Building and infrastructure construction centric company, Hartanah Kenyalang Berhad (Hartanah Kenyalang) today unveiled the prospectus for its initial public offering (IPO) in conjunction with the company's listing of its entire enlarged issued share capital of 620 million ordinary shares on the ACE Market of Bursa Securities, scheduled for June 9, 2025.
Hartanah Kenyalang's IPO entails the public offering of 198.4 million ordinary shares comprising a public issue of 120.9 million new shares and an offer for sale of 77.5 million existing shares which collectively represent 32 per cent of the Company's enlarged issued share capital of 620.0 million ordinary shares.
Of the 120.9 million new shares, 31.0 million new shares will be made available for application by the Malaysian public, and 18.6 million new shares will be made available for application by eligible directors and employees of the Group, and persons who have contributed to the success of the Group.
The remaining 71.3 million new shares will be allocated for private placement to selected investors. There is also an offer for sale of 77.5 million existing shares which will be allocated for private placement to identified Bumiputera investors approved by the Ministry of Investment, Trade and Industry.
Based on the IPO price of RM0.16 per share, the IPO exercise is expected to raise RM19.3 million for Hartanah Kenyalang.
Sarawak Deputy Premier, Datuk Amar Douglas Uggah Embas, said the launch of Hartanah Kenyalang's IPO prospectus is more than a financial event – it is an open invitation for the public to become part of a success story.
'IPO is an important step in broadening ownership, transparency and accountability.
'For investors, this prospectus offers a doorway to share in the future achievements of a company that is not only financially sound but also socially responsible,' he said in his text speech read by Deputy Minister for Infrastructure and Port Development, Datuk Aidel Lariwoo.
'For the broader community, this event signals growth, expansion and opportunity.
By opening its doors to new partners, Hartanah Kenyalang Berhad demonstrates confidence in the strength of its business and the potential of the markets it serves.
'I have no doubt that this offering will position the company for even greater accomplishments in the years ahead.'
Hartanah Kenyalang's managing director, Seah Boon Tiat, underscored the group's experienced significant growth over the past 11 years of operating history in the construction industry in Sarawak.
'Today, we are filled with excitement as we embark on the next phase of our corporate journey, that is, the dream of transitioning Hartanah Kenyalang into a public listed company on the ACE Market which is soon to become a reality,' he said during the prospectus launch.
'Against the backdrop of growth prospect in Sarawak's construction sector, we plan to utilise part of the proceeds from IPO exercise to purchase six new excavators to replace some of our older excavators in order to increase our capacity and productivity.'
The public issue of 31 million new shares available for application by the Malaysian public, opens today, April 30, 2025 at 10am, and application will close on Tuesday, 27 May 2025 at 5pm.
TA Securities Holdings Berhad (TA Securities) is Hartanah Kenyalang's principal adviser, sponsor, sole underwriter and sole placement agent.
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