KUALA LUMPUR: Kee Ming Group Bhd, a mechanical and electrical (M&E) engineering solutions provider, has secured approval from Bursa Malaysia for its listing on the ACE Market.
The company’s initial public offering (IPO) will involve a public issue of 66.63 million new shares alongside an offer for sale of 16.25 million existing shares, bringing the total to 82.88 million shares.
This represents 25.5 per cent of its enlarged issued share capital of 325 million shares.
A total of 16.25 million shares will be made available to the public, 8.13 million shares for eligible directors, employees and other contributors and 40.63 million shares are reserved for private placement to identified Bumiputera investors approved by Investment, Trade and Industry Ministry..
A further 1.63 million shares will be allocated to selected investors through private placement.
With more than 12 years of industry experience, the Perak-based company has established itself as a trusted provider of comprehensive M&E engineering solutions.
Its expertise spans electrical engineering works, including high-voltage, medium-voltage, low-voltage, and extra-low-voltage installations, as well as mechanical services such as air-conditioning and mechanical ventilation (ACMV) and fire protection systems.
It also delivers M&E engineering solutions for clean energy infrastructure, encompassing solar photovoltaic installations and electric vehicle charging solutions.
Over the years, the company has completed projects in major states including Perak, Selangor, Pahang, Kuala Lumpur, Penang and Kedah.
Kee Ming non-independent executive director and managing director Liew Kar Hoe said the regulatory approval marks a key milestone in the company’s expansion.
“The IPO will strengthen our financial position and enable us to undertake more projects or projects of higher value that support Malaysia’s industrial growth and clean energy transition,” he said.
Liew said its capability to operate as both a main contractor and subcontractor, combined with a partnership with Solarvest Holdings Bhd, positions Kee Ming to benefit from Malaysia’s energy transition agenda.
Main Market-listed Solarvest holds a 30 per cent stake in Kee Ming. This will be reduced to 23.85 per cent after the IPO.
TA Securities Holdings Bhd is the principal adviser, sponsor, sole placement agent and sole underwriter of the IPO, while Eco Asia Capital Advisory Sdn Bhd is the financial adviser.
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