Latest news with #AzmanYusof
The Star
3 days ago
- Business
- The Star
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
The Star
3 days ago
- Business
- The Star
ACE Market-bound Enproserve inks underwriting deal with KAF Investment Bank
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 listing on the ACE Market of Bursa Malaysia. Under the terms of the agreement, KAF Investment Bank will underwrite a total of 70.82 million public issue shares, wich will be made available to the Malaysian public via balloting and to eligible directors, employees, and persons who have contributed to the success of the group. Enproserve, which is targeting a listing in the third quarter of 2025, is a mechanical and civil engineering service provider for the oil and gas (O&G) and petrochemical industries. It specialises in plant maintenance and turnaround (PMT) and engineering, procurement, construction, and commissioning (EPCC) services and rental of heavy lifting equipment and vehicles mainly for the downstream O&G and petrochemical industries in Malaysia, with involvement also in the upstream and midstream sectors. According to group managing director Azman Yusof, the company's business model provides fundamental resilience and is insulated from crude oil price volatility and the direct impact of US 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 added in a statement. The company's IPO entails a public issue of 210 million new shares and an offer for sale of 105 million existing shares. Of the 210 million public issue shares, 139.18 million will be allocated to selected investors via private placement. Another 52.5 million public issue shares will be made available via application by the Malaysian public by way of balloting, while 18.32 million public issue shares will be reserved for application by the eligible directors, employees and persons who have contributed to the success of Enproserve. KAF Investment Bank is the principal adviser, sponsor, underwriter and placement agent for the Group's flotation exercise.
Free Malaysia Today
15-05-2025
- Business
- Free Malaysia Today
Malaysia asks Bangladesh to withdraw migrant labour probes
More than one million Bangladeshis have worked in Malaysia over the past two decades, with at least 945,000 living in the country as of October 2024. (Bernama pic) PETALING JAYA : The government has asked Bangladesh to review and withdraw 'unsubstantiated allegations' of wrongdoing in labour migration between the two countries to improve Malaysia's rating in an annual US report on human trafficking. 'Allegations of human trafficking and money laundering – largely unsubstantiated – have impacted the Malaysian reputation,' Azman Yusof, secretary-general of the human resources ministry, wrote in a letter dated April 23. Bloomberg News reviewed a copy of the letter, which was sent to Neyamat Ullah Bhuiyan, senior secretary of Bangladesh's ministry of expatriates' welfare and overseas employment. An official familiar with the letter confirmed its authenticity. The two governments are in talks to restart the recruitment of Bangladeshi workers by Malaysian companies. Malaysia halted all such recruitment a year ago following widespread reports of workers who did not get the jobs they were promised despite paying thousands of dollars in fees, drawing criticism from the United Nations. Both Bangladesh's police and anti-corruption agency have opened investigations into recruitment matters since then. Azman asked Neyamat to review all pending allegations and withdraw those without merit, to ensure that Malaysia 'will preserve and enhance' its Trafficking in Persons (TIP) rankings, referring to the US state department's assessment. It ranks countries based on their efforts to acknowledge and fight human trafficking. 'In addition, we request to prevent the revival of dismissed cases through a formal mechanism,' Azman wrote. Neyamat and Asif Nazrul, who is part of Bangladesh's Cabinet and oversees the expat ministry, both declined to comment on the letter. A representative for Malaysia's human resources ministry did not respond to a request for comment. It is not clear if Bangladesh has responded to the letter. It was sent just weeks ahead of high-level meetings between Malaysian and Bangladeshi officials to discuss recruitment. Neyamat and Asif are poised to meet home minister Saifuddin Nasution Ismail and human resources minister Steven Sim in Putrajaya on Thursday. Labour flow Labour migration is one of Bangladesh's most important industries but can involve fees that saddle workers with debts and make them vulnerable to abuse as they go abroad. Malaysia is one of their main destinations. More than one million Bangladeshis have gone to work in the Southeast Asian country over the past two decades, with at least 945,000 living there as of October 2024, government figures show. Human rights activists have documented numerous cases of Bangladeshi and other migrant workers facing abuse including debt bondage. That has impacted Malaysia's human trafficking record. For more than a decade the US has said the country does not meet standards under the Trafficking Victims Protection Act. In eight of the last 10 years, the US has said Malaysia either is not making significant efforts to rectify this, or that its efforts are not sufficient to remedy the problem. A low TIP ranking means a country can be restricted from accessing foreign assistance funding from the US. It might also face resistance by US representatives at the International Monetary Fund and other multilateral institutions for access to loans. Last year, Bangladesh started investigations related to labour migration. Bangladesh's police in October asked the Malaysian government to arrest and extradite two businessmen as part of a probe into alleged money laundering, extortion and trafficking of migrant workers. Bangladesh's Anti-Corruption Commission is also investigating a group of recruitment agency owners and former lawmakers over allegations of embezzlement related to labour migration to Malaysia, according to a local media report.
