KUALA LUMPUR: Oil and gas (O&G) services and equipment provider Steel Hawk Bhd has expressed optimism about its prospects beyond the O&G sector after securing shareholders’ approval for its diversification into the expanded engineering, procurement, construction and commissioning (expanded EPCC) segment.
The proposed diversification, approved at an extraordinary general meeting (EGM) today, represents a strategic expansion into the expanded EPCC segment, enabling the group to leverage on its engineering and project delivery strengths beyond the O&G sector, it said.
“This positions the group to capture opportunities in high-potential sectors, including utilities and power, industrial manufacturing, healthcare, defence, telecommunications, and large-scale commercial projects,” Steel Hawk said in a statement.
At the EGM today, shareholders also green-lighted the group’s proposal to vary the utilisation of the proceeds raised from its initial public offering exercise in September last year.
This involves reallocating RM7 million, initially earmarked for the construction of a three-storey office/yard fabrication facility in Kemaman, Terengganu, towards the group’s working capital.
Steel Hawk deputy chairman and executive director Datuk Sharman K. Michael said with today’s approvals, the group is well-positioned to leverage its core engineering strengths to capture opportunities in sectors driven by ongoing infrastructure and energy development.
“Diversifying into areas such as utilities and power, transportation, and public infrastructure will not only broaden our revenue base but also enhance long-term business resilience,” he said.
The group said its diversification would be anchored by its first venture outside the O&G segment, a collaboration agreement with Ibrahim & Sons Engineering Sdn Bhd.
Both parties would jointly undertake subcontract works for Tenaga Nasional Bhd (TNB) involving the installation, testing and commissioning of 11kV and 33kV underground aluminium cross-linked polyethylene power cables and accessories, with a combined contract value of about RM92.66 million.
In addition, the group has secured eight contracts from Sega Elektrik Sdn Bhd as subcontractor for the installation, testing and commissioning of 415 voltage or below underground cables, overhead system, jointing and termination and accessories for TNB’s asset development distribution network.
These contracts, cumulatively valued at RM61 million, have begun on Oct 23, 2025, and will run for one year, Steel Hawk said.
It said shareholders also approved a proposed special issue of up to 70 million new ordinary shares in Steel Hawk to be placed with Bumiputera investors to be identified and approved by the Ministry of Investment, Trade and Industry, which represents about 12.5 per cent of the group’s enlarged share capital.
— BERNAMA
NST, Corporate, shareholders, Steel Hawk, TNB, Expanded EPCC, Sharman K. Michael, Oil and gas
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