Pioneer Heat Holdings Berhad has entered into an underwriting agreement with Malacca Securities Sdn. Bhd. in preparation for its Initial Public Offering on the ACE Market of Bursa Malaysia Securities Berhad.
The company is involved in plant construction, maintenance, scheduled turnarounds, modifications and refurbishment works for oil and gas refineries, petrochemical complexes, utility plants and manufacturing facilities. The Group’s mechanical engineering services comprise piping system engineering, heat treatment services, flange management and non-destructive testing (“NDT”) services, serving customers mainly across the oil and gas, petrochemical, utility and manufacturing industries. The Group is also involved in civil engineering works for the construction of industrial and ancillary facilities.
According to the exposure draft prospectus published on Bursa Securities’ website, Pioneer Heat’s IPO comprises a public issue of 86.70 million new ordinary shares and an offer for sale of 17.345 million existing ordinary shares.
Public portion consists of 17.345 million new shares, representing approximately 5.0% of the Group’s enlarged issued share capital, will be made available for application by the Malaysian public.
Wong Wei Ken, Chief Executive Officer and Executive Director of Pioneer Heat Holdings Berhad, said, “The signing of this underwriting agreement marks an important milestone for Pioneer Heat as we move closer to our listing on the ACE Market. Over the years, we have built our capabilities around specialised mechanical engineering services that support the full lifecycle of industrial plants, from new plant construction to maintenance, turnarounds, modifications and refurbishment works. This listing exercise will allow us to strengthen our operational base, expand our regional presence and enhance our capacity to serve customers across key industrial sectors.”
The IPO proceeds from the public issue are intended to be utilised for the establishment of the New Sendayan HQ and the New Sarawak Office, the purchase of machinery and equipment, working capital and estimated listing expenses.
