Latest news with #SeahBoonTiat
The Sun
09-06-2025
- Business
- The Sun
Hartanah Kenyalang hopeful of securing more Sarawak infrastructure projects
KUALA LUMPUR: Sarawak-based building and infrastructure construction company Hartanah Kenyalang Bhd expects to secure 10% to 15% of projects with an aggregate contract value of RM451 million that it has tendered for by the end of 2025. 'Many of the projects are open tender, so there are many tenders involved. However, one of the projects related to power substation, I believe we will have a better chance (of securing),' managing director Seah Boon Tiat said after the listing of the company under the construction sector on the ACE Market of Bursa Malaysia today. He noted that Sarawak produces 3.5 gigawatts of green energy and this is expected to increase to 10 gigawatts in 2030. 'This energy will go to the substation, so our job here is tendering for substation projects and this will benefit our company. We have started tendering for these projects since last year,' Seah said. He added that the Sarawak government has allocated RM1 billion allocated for the development of bridges and road projects. 'Currently we are doing one project and have tendered for another one bridge project as well. It's a design and build type project ... so hopefully we have some chances to follow through with them,' he said. The company has also tendered for water projects in Sarawak, including water treatment plants. Hartanah Kenyalang made a muted debut on the ACE Market, opening at its initial public offering (IPO) price of 16 sen per share. Its share price closed at 14.5 sen. The company raised RM19.3 million through a public offering of 198.4 million shares, representing 32% of its enlarged share capital of 620 million shares. Its IPO was oversubscribed by 5.33 times. At listing, Hartanah Kenyalang's indicative market capitalisation was about RM99.2 million. Hartanah Kenyalang has recorded strong financial growth, with revenue increasing from RM34.1 million for financial year ended Oct 31, 2021 to RM127.6 million for financial year ended Oct 31, 2024, a compounded annual growth rate (CAGR) of 55%. During that period, profit after tax increased at a CAGR of 24%, growing from RM4.8 million to RM9.2 million. TA Securities Holdings Bhd is the principal adviser, sponsor, sole underwriter and sole placement agent of Hartanah Kenyalang's IPO. 'Today, with RM19.3 million in funding raised from our IPO exercise, we are going to utilise approximately RM3 million of the IPO proceeds to purchase six new excavators in order to increase our capacity and productivity,' Seah said. 'We also plan to expand into offering design and build services for our building construction services segments and infrastructure construction services segments by investing in the Building Information Modelling (BIM) System.' Deputy managing director Seah Boon Kee said BIM helps architects coordinate their designs for a building, reduce errors of construction and speed up the process of construction. 'Thus far, we have one state archived project where we use BIM.'
Borneo Post
30-04-2025
- Business
- Borneo Post
IPO proceeds to boost Hartanah Kenyalang's assets, orderbook
Seah (centre) speaks during the press conference after the prospectus launch today. KUCHING (April 30): Hartanah Kenyalang Bhd (Hartanah Kenyalang) will utilise proceeds from its upcoming initial public offering (IPO) on the ACE Market of Bursa Malaysia to expand its assets, in addition to expanding its design and build services. Hartanah Kenyalang is principally an investment holding company, while its subsidiary, Hartanah Construction Sdn Bhd, is involved in building construction services, with a focus on institutional buildings such as schools and other public buildings, and other non-residential buildings; as well as infrastructure construction services, with a focus on bridges and roads. Against the backdrop of growth prospect in Sarawak's construction sector, its managing director Seah Boon Tiat said Hartanah Kenyalang plans to utilise part of the proceeds from IPO exercise to purchase six new excavators to replace some of its older excavators in order to increase our capacity and productivity. 'In addition, we also plan to expand into offering design and build services for our building construction services segments and infrastructure construction services segments by investing in Building Information Modelling system (BIM),' he said during a press conference after its prospectus launch earlier today. BIM is a technology that can digitise various aspects of a construction project, enabling seamless collaboration among project owners, architects, consultants, engineers and contractors by using a 3-dimensional model. As at 30 April 2025, Seah said Hartanah Kenyalang has tendered for various building and infrastructure construction projects with an aggregate contract value of RM451 million, of which RM311 million is in respect of a design and build construction project. its current orderbook stands at some RM150 million, he said. 'By expanding our design and build services, we are confident that this strategic move will enable us to climb up the construction industry's value chain and to increase our overall competitiveness in the marketplace,' he added. To note, the group has 11 years of operating history in the construction industry in Sarawak since commencing business operations in 2010. Among the ongoing construction projects currently undertaken by the group include the construction of the State Archive building in Kuching; construction of school buildings and related facilities for Yayasan International School in Sibu and Kuching; construction of two dilapidated school buildings and related facilities, namely SK Tambay in Kota Samarahan and SK Kujang Mawang in Serian; as well as the construction of the Sebauh Bridge in Bintulu as a rescue contractor. The group has also undertaken a construction project in the neighbouring state of Sabah where the Group is involved in the construction of the Sg Padas Bridge in Tenom. Among the construction projects completed by the group in the past include the construction of six dilapidated schools at various locations in Sarawak; construction of commercial shophouses for Samariang Square in Petrajaya, Kuching; infrastructure works for the Pan Borneo Highway from Serian to Pantu Junction in Sarawak; construction of commercial shophouses at Jalan Matang, Kuching; and provision of piling works for the Kuching International Airport Hanger in Kuching. assets Hartanah Kenyalang Bhd IPO lead orderbook
