KUALA LUMPUR (March 5): Keyfield International Bhd has signed an underwriting agreement with M&A Securities Sdn Bhd in conjunction with its initial public offering (IPO) and listing on the Main Market of Bursa Malaysia Securities Bhd.

In a statement on Tuesday, Keyfield, which is principally involved in the chartering of vessels, particularly accommodation work boats, said it was represented by its group chief executive officer and executive director Datuk Darren Kee Chit Huei, while M&A Securities was represented by its managing director Datuk Bill Tan.

Keyfield group owns 11 Malaysian-flagged vessels, with capacities ranging from 50 to 500 persons.

The IPO entails the public issue of 209 million new Keyfield shares, representing 26.1% of its enlarged share capital upon listing.

Out of this, 40 million shares will be offered to the Malaysian public via balloting, while 24 million shares will be made available to eligible directors, employees and persons who have contributed to the success of Keyfield group.

Meanwhile, 73 million shares will be offered to selected Bumiputera investors approved by the Ministry of Investment, Trade and Industry, and the remaining 72 million will be set aside for private placement to selected investors.

M&A Securities will underwrite the 64 million shares made available for application by the Malaysian public, Keyfield’s eligible directors, and employees and persons who have contributed to the success of the group.

Keyfield is expected to launch its prospectus in end-March 2024 and list on the Main Market of Bursa Malaysia in end-April 2024.

M&A Securities is the adviser and underwriter for Keyfield’s IPO.

It is also the joint placement agent, together with Maybank Investment Bank Bhd.