SARAWAK'S HARTANAH KENYALANG LAUNCHES IPO PROSPECTUS, AIMS TO RAISE RM19.3 MLN

KUCHING, April 30 (Bernama) -- Hartanah Kenyalang Bhd has launched its prospectus en route to its initial public offering (IPO) on Bursa Malaysia’s ACE Market to raise RM19.3 million based on its IPO price of RM0.16 apiece.

In a statement today, the building and infrastructure construction company said its IPO, scheduled on June 9 2025, entails a 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.

Collectively, they represent 32.0 per cent of its enlarged issued share capital of 620.0 million ordinary shares.

Of the 120.9 million new shares, 31.0 million will be made available for application by the Malaysian public and 18.6 million for application by eligible directors and employees of the group and persons who have contributed to its success.

“The remaining 71.3 million 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 Investment, Trade and Industry Ministry,” it said.

The public issue of 31.0 million new shares available for application by the Malaysian public opens today. It closes on May 27, 2025 at 5 pm.

Hartanah Kenyalang managing director Seah Boon Tiat said the state government has allocated RM10.9 billion for development expenditure under Sarawak’s budget 2025 and that the state will continue to prioritise infrastructure development.

He also said about RM1 billion has been allocated to construct various roads and bridges to improve Sarawak’s land infrastructure under the state’s 2025 development budget.

“Against Sarawak’s construction sector growth prospects, we plan to utilise part of the IPO proceeds to purchase six new excavators to replace some of our older ones to increase our capacity and productivity.

“We also plan to expand into offering design and build services for our building construction services as well as infrastructure construction services segments by investing in a building information modelling system.

“The technology can digitise various construction aspects, enabling seamless collaboration among project owners, architects, consultants, engineers and contractors by using a three-dimensional model,” he added.

-- BERNAMA