Enproserve, KAF Investment sign IPO deal
From left: Mohd Nizam Yaakub, CEO, Enproserve Group; Azman Yusof, group managing director; Datuk Hashim Majid, independent non-executive chairman; Rohaizad Ismail, CEO, KAF Investment Bank; and Azmi Hariss Ibrahim, corporate finance director.
KUALA LUMPUR: Enproserve Group Bhd has signed an underwriting agreement with KAF Investment Bank Bhd for its proposed initial public offering (IPO) en route to its listing on the ACE Market of Bursa Malaysia Securities Bhd.
In a statement yesterday, the mechanical and civil engineering service provider for the oil and gas (O&G) and petrochemical industries said the IPO comprises a public issue of 210 million new ordinary shares and an offer for sale of 105 million existing shares.
'Of the public issue shares, 139.18 million shares will be offered to selected investors via private placement, while 52.5 million shares will be made available to the Malaysian public by way of balloting.
'(Another) 18.32 million shares will be reserved for eligible directors, employees, and persons who have contributed to the company's success,' it said.
Under the deal, the investment bank will underwrite a total of 70.82 million public issue shares, comprising those offered to the Malaysian public via balloting and those reserved for eligible directors, employees, and individuals who have contributed to the group's success.
Enproserve group managing director Azman Yusof said the IPO is part of the company's plan to strengthen its operations in the O&G and petrochemical sectors.
He said the IPO is the next step in its expansion plan, providing capital to enhance its capacity and capabilities, thereby seizing growth opportunities.
'Our business model provides fundamental resilience and is robustly insulated from crude oil price volatility and the direct impact of United States tariffs.
'The funds raised will be mostly used for procuring new machinery, equipment, and vehicles, which will fortify our capabilities to take on larger jobs amid increasing market demand,' he said.
KAF Investment Bank chief executive officer Rohaizad Ismail praised Enproserve's management, noting its experience in delivering engineering services to clients in the O&G and petrochemical sectors.
'We are honoured to play an instrumental role in Enproserve's efforts to tap into the capital market to energise its future and reach greater heights,' he said.
Furthermore, Enproserve said that, barring unforeseen circumstances, the group is targeting a listing in the third quarter of 2025.
KAF Investment Bank is the principal adviser, sponsor, underwriter, and placement agent for the IPO exercise. — Bernama
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Barnama
2 hours ago
- Barnama
SCEKL 2025 To Spotlight AI-driven Smart Cities
BUSINESS By Naveen Prabu & Nur Atiq Maisarah Suhaimi KUALA LUMPUR, June 5 (Bernama) -- The upcoming Smart City Expo Kuala Lumpur 2025 (SCEKL 2025) will place a strong emphasis on artificial intelligence (AI)-based urban solutions, to promote practical smart city adoption among Malaysian municipalities and the wider ASEAN region. Digital Nasional Bhd (DNB) chief corporate officer Datuk Ahmad Zaki Zahid said the expo, hosted by the Digital Ministry and co-organised by DNB and the Malaysia Digital Economy Corporation (MDEC), is expected to attract 10,000 visitors and 2,000 delegates. 'The goal is to raise awareness of the next phase of smart city development, especially with AI. We want to ensure there is greater adoption of technology,' he told Bernama in an exclusive interview. Ahmad Zaki said smart cities today are no longer limited to infrastructure upgrades, but increasingly depend on AI, digital twins, and high-speed connectivity to enable predictive planning, real-time services and automated operations. 'Smart cities have over 80 indicators. What's new now is how AI improves service delivery — like knowing exactly when a bus will arrive or using high-definition surveillance to improve safety,' he said. Ahmad Zaki highlighted that Malaysia's major cities, such as Kuala Lumpur and George Town, already have advanced command centres, while smaller cities can benefit from affordable solutions being showcased at the expo. Meanwhile, he said 'digital twin' technology, real-time monitoring systems, the role of 5G infrastructure, and real-time responsiveness are crucial to the improvement of Malaysian cities. Ahmad Zaki explained that real-time responsiveness is key for urban services like traffic management and port automation.
Barnama
2 hours ago
- Barnama
Rubber Market Ends Lower
Rubber Market Ends Lower By Durratul Ain Ahmad Fuad KUALA LUMPUR, June 5 (Bernama) -- The Malaysian rubber market closed lower today amid mixed regional rubber futures market performance, as the ringgit strengthened slightly against the US dollar, a dealer said. She said market sentiment was dented by uncertainties in relation to the United States (US) tariffs and trade policy amid weaker US economic data. 'Nevertheless, further losses were capped by gains in crude oil prices and growing hopes that China will introduce more stimulus measures to lift its economy,' she told Bernama. According to the dealer, the US dollar slid in the previous session (morning) after weak US jobs and services data, with more weighty employment data due on Friday. 'Damage to the US economy is becoming more apparent from US President Donald Trump's erratic tariff action, while bilateral deals remain unrealised,' she added. At 3 pm, the Malaysian Rubber Board reported that the price of Standard Malaysian Rubber 20 (SMR 20) fell by 8.5 sen to 690.5 sen per kilogramme (kg) while latex in bulk decreased by 4.5 sen to 605 sen per kg. -- BERNAMA
Barnama
2 hours ago
- Barnama
Kuala Lumpur To Host 4th CEAPAD On July 11
KUALA LUMPUR, June 5 (Bernama) -- The 4th Ministerial Meeting of the Conference on Cooperation among East Asian Countries for Palestinian Development (CEAPAD IV) will be held in Kuala Lumpur on July 11. The meeting will be jointly chaired by Foreign Minister Datuk Seri Mohamad Hasan and his counterparts from Japan and Palestine, the Malaysian Foreign Ministry said on Thursday. Earlier, Malaysia, Japan and Palestine have co-chaired the 8th Working-level Online Meeting of CEAPAD. bootstrap slideshow The meeting was held for the second time this year with discussions focused on current and future assistance needs for Palestine and preparations for the 4th CEAPAD, the ministry said on its official Facebook page. The meeting was also participated by Brunei, Cambodia, Indonesia, Laos, the Philippines, Singapore, Thailand, Vietnam, South Korea, the World Bank, the United Nations Relief and Works Agency for Palestine Refugees (UNRWA) and the Islamic Development Bank. Separately, the Japanese Foreign Ministry in a statement said participants to the meeting have concurred to working towards the success of the upcoming ministerial meeting. The Palestinian side, meanwhile, updated the participants on the current situation in Gaza and the West Bank, and outlined future assistance needs, it added. The virtual meeting was co-chaired by the Director-General of the Middle Eastern and African Affairs Bureau at Japan's Foreign Ministry, Ando Toshihide, Palestine's Acting Planning and International Cooperation Minister, Dr Samah Hamad, and and Undersecretary of the International Cooperation and Development Division at Malaysia's Foreign Ministry, Devrin Jeck. CEAPAD is a regional platform initiated by Japan in 2013 to support Palestinian state-building efforts by leveraging the resources, knowledge, and economic development experiences of East Asian nations.
