akmal293
Active Member
- Messages
- 1,217
- Joined
- Aug 9, 2009
- Messages
- 1,217
- Reaction score
- 7
- Points
- 35
KUALA LUMPUR (Dec 26): Electrical engineering service provider HE Group Bhd has signed an underwriting agreement with Alliance Islamic Bank Bhd in conjunction with its upcoming initial public offering (IPO) ahead of its ACE Market listing in January.
The IPO exercise entails a public issuance of 86.89 million new shares in HE Group, representing 19.75% of the group’s enlarged share capital.
It also entails an offer for sale of 44 million existing shares or 10% of the enlarged shares via private placement to selected investors.
Of the 86.89 million new shares, 22 million will be made available to the Malaysian public via balloting, 11 million shares to eligible directors, employees and persons who have contributed to the success of HE Group under pink form allocations, while the remaining 53.89 million shares will go towards private placements to selected investors.
Alliance Islamic Bank, as the principal adviser, sponsor, sole underwriter and placement agent for the IPO exercise, will underwrite 33 million new shares, open for application by the Malaysian public and pink form allocations.
HE Group, via its subsidiary, Hexatech Engineering Sdn Bhd is an electrical engineering service provider, principally focused on power distribution systems for end-user premises such as industrial plants, as well as industrial and commercial substations.
The group is involved in designing, supplying, installing, testing, and commissioning power distribution systems, catering mainly for industries such as semiconductor, medical device, and electronic product industries. It also offers other building systems and works, electrical equipment hook-up and retrofitting, and trading of electrical products.
Hexatech Engineering holds a Grade 7 contractor registration with the Construction Industry Development Board and is recognised as a Class A electrical contractor by the Malaysian Energy Commission. The classifications allow it to undertake electrical installation projects in Malaysia without restriction on size or value of the project.
In a statement, HE Group said it aims to expand its capabilities to bid for large industrial and commercial projects. In addition, the group is broadening its end-user industry coverage with a focus on data centres.
HE Group director Haw Chee Seng commented that access to the equity market will expedite the group’s growth and provide greater flexibility to execute its expansion plans and capitalise on upcoming opportunities,
“Industry prospects remain favourable as Malaysia continues to benefit from a rise in local and foreign direct investments.
“Moreover, government initiatives and policies such as the New Investment Policy introduced in October 2022 are targeted at enhancing Malaysia’s attractiveness for high-value investments. This will lead to an increase in demand for power distribution systems at end-user premises, creating opportunities to enhance our market position further,” he added.
-The Edge
The IPO exercise entails a public issuance of 86.89 million new shares in HE Group, representing 19.75% of the group’s enlarged share capital.
It also entails an offer for sale of 44 million existing shares or 10% of the enlarged shares via private placement to selected investors.
Of the 86.89 million new shares, 22 million will be made available to the Malaysian public via balloting, 11 million shares to eligible directors, employees and persons who have contributed to the success of HE Group under pink form allocations, while the remaining 53.89 million shares will go towards private placements to selected investors.
Alliance Islamic Bank, as the principal adviser, sponsor, sole underwriter and placement agent for the IPO exercise, will underwrite 33 million new shares, open for application by the Malaysian public and pink form allocations.
HE Group, via its subsidiary, Hexatech Engineering Sdn Bhd is an electrical engineering service provider, principally focused on power distribution systems for end-user premises such as industrial plants, as well as industrial and commercial substations.
The group is involved in designing, supplying, installing, testing, and commissioning power distribution systems, catering mainly for industries such as semiconductor, medical device, and electronic product industries. It also offers other building systems and works, electrical equipment hook-up and retrofitting, and trading of electrical products.
Hexatech Engineering holds a Grade 7 contractor registration with the Construction Industry Development Board and is recognised as a Class A electrical contractor by the Malaysian Energy Commission. The classifications allow it to undertake electrical installation projects in Malaysia without restriction on size or value of the project.
In a statement, HE Group said it aims to expand its capabilities to bid for large industrial and commercial projects. In addition, the group is broadening its end-user industry coverage with a focus on data centres.
HE Group director Haw Chee Seng commented that access to the equity market will expedite the group’s growth and provide greater flexibility to execute its expansion plans and capitalise on upcoming opportunities,
“Industry prospects remain favourable as Malaysia continues to benefit from a rise in local and foreign direct investments.
“Moreover, government initiatives and policies such as the New Investment Policy introduced in October 2022 are targeted at enhancing Malaysia’s attractiveness for high-value investments. This will lead to an increase in demand for power distribution systems at end-user premises, creating opportunities to enhance our market position further,” he added.
-The Edge
