KUALA LUMPUR (June 10): Wil-Key Bhd, a civil and environmental engineering service provider, is preparing for a listing on the ACE Market of Bursa Malaysia.

Proceeds from its initial public offering (IPO) are intended to be used for machinery purchases, workforce expansion, repayment of bank borrowings, as well as working capital, according to Wil-Key’s draft prospectus filed with the bourse.

The IPO will comprise a public issue of 88.5 million new shares and an offer for sale of 38.3 million existing shares at a price to be determined later. In total, the share sale represents up to a 28% stake in the company.

The offer for sale will be undertaken solely by chief executive officer Yap Ming Der. Post-IPO, his shareholding will be reduced to 55.2% from 79.3%.

Wil-Key said it specialises in the technical execution of high-performance geosynthetic lining, reinforcement and stabilisation systems for applications in waste management, biogas, agriculture, aquaculture and public infrastructure.

The group also supplies related products and services, including geosynthetic materials and pipes. As part of its business strategy, it also intends to undertake engineering, procurement, construction and commissioning (EPCC) works for renewable energy facilities.

The company, based in Puchong, Selangor, operates mainly in Malaysia but has also undertaken projects in countries such as Papua New Guinea and Indonesia. It currently has six ongoing construction projects and 19 ongoing geosynthetic installation projects.

For the financial year ended Dec 31, 2025, Wil-Key posted a net profit of RM9.65 million on revenue of RM77 million.

Under the public issue, 22.5 million shares will be reserved for the Malaysian public under the retail offering, while nine million shares will be allocated to eligible persons. The remaining 57 million shares will be offered to selected investors and approved Bumiputera investors.

TA Securities is the principal adviser, sponsor, sole underwriter and sole placement agent for the IPO.