Keyfield International Berhad launched its prospectus for its initial public offering in line with its upcoming listing on the Main Market of Bursa Malaysia Securities Berhad, which is set for 22 April 2024.
The group is principally involved in the chartering of vessels, particularly accommodation work boats and currently owns 11 Malaysian-flagged vessels with capacities ranging from 50 to 500 persons.
In its prospectus the group said it aims to raise approximately RM188.1 million from the IPO via the issuance of 209 million new ordinary shares at an issue price of RM0.90 per share. The proceeds it said is primarily to redeem its cumulative redeemable non-convertible preference shares (“CRNCPS”), as well as to settle the balance purchase consideration for two vessels, namely Blooming Wisdom and Keyfield Helms 1. The CRNCPS were previously issued to acquire three vessels, namely Keyfield Compassion, Keyfield Commander and Keyfield Grace. The remaining proceeds for repayment of bank borrowings, working capital and listing related expenses. Post utilisation of IPO proceeds, its pro forma gearing will be 0.1 times.
M&A Securities Sdn Bhd is the principal adviser and underwriter for Keyfield’s IPO. It is also the joint placement agent together with Maybank Investment Bank Berhad.
