KUALA LUMPUR (Aug 25): Cheeding Holdings Bhd, a utilities engineering services firm, has signed an underwriting agreement with TA Securities for its initial public offering (IPO) on the ACE Market.
Under the agreement, TA Securities will underwrite the IPO shares allocated to the Malaysian public and eligible persons under pink form allocations, according to a statement from Cheeding. The IPO’s timeline was not disclosed.
“The IPO will enable us to scale more decisively, not just in terms of project size, but also in the depth of solutions we offer,” said Cheeding chief operating officer Ng Lam Shein. “This is a new chapter for Cheeding, and we are ready.”
Cheeding Holdings mainly provides utilities engineering services, comprising engineering, procurement, construction and commissioning as well as maintenance of overhead and underground infrastructure, as well as substation engineering services and related activities.
Based in Petaling Jaya, Selangor, the company caters to Tenaga Nasional Bhd, the Ministry of Finance, and the Energy Commission of Malaysia.
“We are focused on growing our design and engineering capabilities, expanding our footprint in overhead line, underground and substation works, and strengthening our internal systems to support long-term growth,” said Ng.
The proposed IPO involves a public issuance of 143 million new shares and an offer for sale of 65 million existing shares at a price to be determined later. Cheeding has allocated 39.86 million new shares for the public and 8.17 million shares for eligible persons.
Managing director Ng Kian Chai and his spouse Tan Sook Hoi are putting up their existing shares for sale. Post-IPO, the couple will control 73.92% stake in the company.
TA Securities is the IPO’s principal adviser, sponsor, underwriter and placement agent.