KUALA LUMPUR (June 6): Oil and gas (O&G) support services provider Steel Hawk Bhd (KL:SKHAWK) has secured approval from Bursa Malaysia for its proposed transfer from the LEAP Market to the ACE Market on the local stock exchange.
In a filing with the bourse on Thursday, Steel Hawk said Bursa Malaysia had, via its letter dated June 6, approved the proposed transfer of listing and quotation for the entire enlarged issued share capital of the company — comprising 490 million shares — to the ACE Market.
The proposed transfer will entail an initial public offering (IPO) involving a public issue of 90 million new shares and an offer for sale of 44.7 million existing shares, according to the draft prospectus filed by Steel Hawk in March.
All in all, the listing would offer investors a 27% stake in the company. Steel Hawk was first listed on the LEAP Market in October 2021.
Steel Hawk mainly services both onshore and offshore sectors in the O&G industry, providing engineering, procurement, construction and commissioning services for chemical injection skids and facilities improvement as well as maintenance of topside facilities.
The company also sells, installs and maintains oilfield equipment. For the financial year ended Dec 31, 2023 (FY2023), profit after tax rose 24% to RM7.22 million, on the back of revenue of RM72.54 million, while margins expanded.
Steel Hawk also previously said it had exhausted the RM3.2 million raised from its LEAP Market listing.
UOB Kay Hian is the principal adviser, sponsor, underwriter and placement agent for the IPO.