Kee Ming Group Berhad (“Kee Ming” or the “Group”), a mechanical and electrical (“M&E”) engineering solutions provider, is pleased to announce that it has received approval from Bursa Malaysia Securities Berhad (“Bursa Securities”) for its listing on the ACE Market of Bursa Securities (“Listing”).
With over 12 years of industry experience, Kee Ming has established itself as a trusted provider of comprehensive M&E engineering solutions, spanning electrical engineering services such as high-voltage (“HV”), medium-voltage (“MV”), low-voltage (“LV”) and extra-low voltage (“ELV”) installations, as well as mechanical engineering services including air-conditioning and mechanical ventilation (“ACMV”), and fire protection systems. In addition, the Group provides M&E engineering services for clean energy infrastructure, including solar photovoltaic (“PV”) installations and electric vehicle (“EV”) charging solutions.
The Group’s initial public offering (“IPO”) will comprise a public issue of 66.63 million new shares and an offer for sale of 16.25 million existing shares, totalling 82.88 million ordinary shares, representing 25.50% of the Group’s enlarged issued share capital of 325.00 million ordinary shares in conjunction with its Listing. The allocation of IPO shares is structured as follows:
Public issue
· Malaysian public:
o 16.25 million shares or 5.00% of the enlarged issued share capital will be made available for application by the Malaysian public.
· Eligible persons:
o 8.13 million shares or 2.50% of the enlarged issued share capital, will be allocated to eligible directors, employees, and other persons who have contributed to the success of the Group.
· Private placement to identified Bumiputera investors approved by MITI:
o 40.63 million shares or 12.50% of the enlarged issued share capital are reserved for private placement to identified Bumiputera investors approved by MITI.
· Private placement to selected investors:
o 1.63 million shares or 0.50% of the enlarged issued share capital are reserved for private placement to selected investors.
Offer for sale
· Offer for sale of 16.25 million existing shares or 5.00% of the enlarged issued share capital by way of private placement to selected investors.
Ir. Liew Kar Hoe, Non-Independent Executive Director and Managing Director of Kee Ming Group Berhad, commented, “Securing Bursa Securities’ approval for our Listing marks an important milestone in Kee Ming’s growth journey. From our beginnings as an M&E engineering contractor in Perak, we have grown into a specialist with capabilities spanning electrical works, ACMV and fire protection systems, solar PV installations and EV charging solutions. The IPO will strengthen our financial position and enable us to undertake more projects or projects of higher value that support Malaysia’s industrial growth and clean energy transition.”
Over the years, Kee Ming has built a strong, diversified customer base across Malaysia, completing projects in key states such as Perak, Selangor, Pahang, Kuala Lumpur, Penang, and Kedah. Its extensive project footprints reflect the Group’s proven capability to deliver M&E services across industrial, commercial, and residential developments, as well as the clean energy segment nationwide.
The Group’s capability to undertake M&E engineering projects as both a main contractor and subcontractor, together with its strategic relationship with Solarvest Holdings Berhad (“Solarvest”), positions Kee Ming well to capitalise on Malaysia’s energy transition agenda. Solarvest, a leading clean energy solutions provider listed on the Main Market of Bursa Securities, is a substantial shareholder of Kee Ming, holding a 30.00% equity interest before the IPO, which will reduce to 23.85% post-IPO. This collaboration enables both parties to leverage complementary strengths and customer networks, creating operational synergies, particularly in delivering solar PV engineering, procurement, construction, and commissioning (EPCC) projects that require strong M&E engineering expertise.
TA Securities Holdings Berhad is the Principal Adviser, Sponsor, Sole Placement Agent and Sole Underwriter for this IPO, while Eco Asia Capital Advisory Sdn. Bhd. serves as the Financial Adviser of the IPO.
