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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Express
an hour ago
- Daily Express
Woman says boss demanded live location during leave
Published on: Sunday, June 22, 2025 Published on: Sun, Jun 22, 2025 Text Size: For illustrative purposes only. KUALA LUMPUR: A Malaysian woman has sparked online debate after claiming her boss demanded she share her live location while on leave or risk being marked absent. In a June 10 social media post, she questioned whether the policy was 'normal', saying her boss applied it even for overseas travel. She alleged that her leave applications were held up unless she complied with the new company rule, though she ultimately refused and did not disclose her location. Her experience, which reportedly occurred while visiting an island off Malaysia, triggered hundreds of online responses condemning the practice as invasive and unlawful. She has since threatened to report the matter to the Labour Department, noting the demand extended to sick and unpaid leave as well. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
The Sun
an hour ago
- The Sun
Malaysia optimistic trade with Uzbekistan will pick up, says envoy
TASHKENT: Malaysia is optimistic about a potential increase in trade with Uzbekistan, as both countries work to deepen cooperation in new areas such as halal certification, Islamic finance, tourism and green technology. In an interview with Bernama and RTM, here, Malaysian ambassador to Uzbekistan Ilham Tuah Illias acknowledged a recent drop in trade volume, mainly due to import tax on palm oil. However, he expressed confidence in a potential turnaround. 'We are hopeful that trade will pick up, if both governments can agree to waive or continue waiving the (import) tax on Malaysian palm oil. This would enable Uzbek retailers here to resume sourcing their palm oil supply from Malaysia,' he said. In 2024, Malaysia-Uzbekistan trade reached RM369.8 million, making Uzbekistan Malaysia's second-largest trading partner in Central Asia. The trade balance was in Malaysia's favour at RM360.3 million. From January to April 2025, trade between both countries reached RM106 million. Major exports from Malaysia to Uzbekistan include palm oil, coffee, palm-based oleochemical, margarine and shortening, processed food and coconut oil. Imports from Uzbekistan comprise mainly fertilisers, fruits and textiles. Ilham Tuah said the 5% tax on Malaysian palm oil is being reconsidered by Uzbek authorities. A continued exemption could significantly boost Malaysia's exports. 'We hope this move will encourage Uzbek buyers to continue to source their supply from Malaysia. Discussions between the relevant authorities in both countries will be essential in finding a mutually beneficial solution,' he added. The ambassador emphasised the importance of raising public awareness in Uzbekistan about the health benefits of palm oil. 'We must continue educating the Uzbek people about the nutritional value of palm oil and counter the negative narratives promoted by certain parties.' On the tourism front, Ilham Tuah highlighted that over 15,000 Uzbek tourists visited Malaysia last year – a significant increase from previous years, driven by enhanced air connectivity, including direct flights by Batik Air and Uzbekistan Airways. 'This improved connectivity benefits not only tourists but also students from Uzbekistan. Many are drawn to Malaysia's beaches, as Uzbekistan is a landlocked country.' He also noted a growing interest among Malaysian travellers in Uzbekistan, particularly for spiritual tourism. 'Many Malaysians visit Uzbekistan particularly for spiritual reasons. They love to explore the Imam Al Bukhari Mausoleum, which is currently under renovation. Once completed, it is expected to become a favourite destination for Malaysians,' he added. Ilham Tuah noted strong interest in Malaysian halal certification in Uzbekistan, and said the Malaysian Islamic Development Department has signed a memorandum of understanding with the relevant Uzbek authorities to strengthen cooperation in halal certification efforts. 'This collaboration will help local products meet Malaysian halal standards, potentially opening access to broader markets that recognise our certification.' To facilitate smoother trade and investment, both countries are exploring the possibility of establishing a preferential trade agreement. Ilham Tuah said with such a framework, Malaysia could send semifinished goods for final processing in Uzbekistan, which has access to markets in the European Union and Eurasia. 'It's a win-win for both sides. A preferential trade agreement between Malaysia and Uzbekistan is something we are actively considering ... so the relevant agencies of both countries should meet up to discuss and explore this further,' he added. Ilham Tuah also noted the growing demand in halal consumer goods and Muslimah fashion. 'Muslimah fashion is making a strong comeback here. So I encourage Malaysian women entrepreneurs to engage with their counterparts here. There is huge demand here for Muslimah fashion, cosmetics and halal products,' he concluded. – Bernama
The Sun
2 hours ago
- The Sun
Skyline Optical Group appoints MPI Capital as financial adviser for proposed SGX listing
PETALING JAYA: Malaysian eyewear distributor Skyline Optical Group Sdn Bhd has appointed MCI Capital Sdn Bhd as financial adviser for a proposed initial public offering (IPO) on the Singapore Exchange (SGX). Skyline Optical Group founder Frian Lin said the proposed listing represents a pivotal milestone in the company's strategic expansion plans as it seeks to leverage Singapore's robust capital markets to fuel its next phase of regional growth. 'This is more than just a listing. It represents our commitment to establishing Skyline Optical as the premier B2B eyewear distribution platform across Southeast Asia,' he said. MCI Capital said that together with its experienced team of capital markets professionals, its role as adviser will include overall capital markets strategy, listing readiness, regulatory compliance, liaison with and coordination of professionals and assistance with capital structure optimisation. MCI Capital chairman and partner Datuk Cannis Chan said Skyline Optical Group represents an established, profitable company with strong growth prospects that resonates with international investors, particularly on the SGX. 'We are excited to work closely with Frian and his team to help unlock greater access to capital, enhanced brand visibility, and a robust platform for international expansion across the eyewear distribution sector.' Skyline Optical Group has been a distributor of eyewear frames and sunglasses in Malaysia since 2008, fostering strong relationships with international brands and establishing a distribution network across the region. The company has demonstrated consistent growth through strategic expansion, including the establishment of J & J International Eyewear Sdn Bhd in 2022 and Tag Spec Sdn Bhd in 2023. The company is evaluating the optimal listing structure and timeline, with the final decision to be made following the completion of due diligence processes and receipt of regulatory approvals from relevant authorities. 'Further announcements will be made in due course to update stakeholders on the proposed listing timeline, structure and any related corporate developments,' Skyline Optical Group said. In addition to the IPO adviser appointment, Skyline Optical Group and MCI Capital announced the launch of a joint corporate social responsibility (CSR) initiative targeting the B40 income community in the Klang Valley. The programme will provide 6,000 pairs of prescription glasses free of charge to underprivileged families, addressing critical vision care needs while demonstrating both companies' commitment to social impact alongside business growth. 'This CSR initiative reflects our belief that sustainable business success must be accompanied by meaningful community contribution,' said Lin. Skyline Optical Group's business portfolio encompasses comprehensive eyewear distribution services, specialising in B2B wholesale operations for optical frames and sunglasses, serving retailers and optical chains across Malaysia and the broader Southeast Asian region.
