KUALA LUMPUR (Oct 3): Cheeding Holdings Bhd, which is set to be listed on Bursa Malaysia's ACE Market on Oct 7, said net profit for its first quarter came in at RM6.73 million.
Revenue for the quarter ended June 30, 2026 was RM15.58 million, the utilities engineering services firm said in a bourse filing on Friday.
There are no comparative figures as this is Cheeding’s first interim financial report ahead of its listing.
Cheeding said 99.97% of its revenue was mainly derived from the engineering, procurement, construction and commissioning (EPCC) of overhead infrastructure for utilities.
Cheeding was established as Pembinaan Bukit Cheeding Sdn Bhd in December 1993 before adopting its current name in October 1996. The company mainly builds electric transmission towers and provides maintenance of overhead and underground infrastructure, as well as substation engineering services.
The company’s initial public offering (IPO) includes a public issue of 143 million new shares, consisting of 39.86 million shares to the Malaysian public, 8.17 million shares for eligible persons, and a private placement of 67.77 million shares to approved Bumiputera investors and another 27.2 million shares to select investors.
The IPO also includes an offer for sale of 65 million existing shares, with the proceeds of RM23 million accruing to Cheeding managing director Ng Kian Chai and his spouse Tan Sook Hoi. Post-IPO, the couple will control a 73.92% stake in the company.
The shares, priced at 36 sen per share, will raise over RM51 million for the company with the proceeds used for funding its working capital, bank loan repayments and performance bonds in the form of bank guarantees to awarding parties for future projects.
Cheeding would have a market capitalisation of RM287 million upon listing. Based on the price of 36 sen per share, the company will be valued at 10.9 times its earnings for the financial year ended March 31, 2025.