KUALA LUMPUR (June 22): Tri Star SBN Bhd, which makes specialty nuts and bolts mainly used by the oil and gas industry, has filed for an ACE Market listing to raise funds for a new plant in Johor.

The company is now searching for a 10-acre land that will house manufacturing facilities, a warehouse, office, and laboratory in Johor Bharu, the company said in its draft prospectus. Tri Star plans to move its existing operations now run out of rented premises into the new plant.

The new plant is expected “to consolidate our existing rented manufacturing facilities, office and warehouse operations in Malaysia into a single integrated and purpose-built facility”, the company said.

Based in Masai, Tri Star manufactures speciality fasteners, corrosion protection systems, and corrosion-resistant cable support systems catering to the oil and gas industry. Most of its revenue was from exports, including to Singapore, the United Arab Emirates (UAE), Japan and Indonesia.

The company also has manufacturing facilities in some of its major markets. In the 12 months ended March 31, 2025, the company made a net profit of RM11.76 million on revenue of RM298.29 million.

Tri Star has earmarked half of the proceeds from the initial public offering (IPO) for the new plant in Johor. The company is also setting aside 15% of the funds raised to set up a warehouse in the UAE to strengthen its storage and distribution operations in the Middle East.

Another 10% will be used for capital expenditure to enhance its existing manufacturing operations, while 15% will go towards repaying bank borrowings. The rest will be used to cover listing expenses.

The company is controlled and operated by Singaporean brothers Lim Che-How Perry and Lim Che Siong, who took over the business from their father. The Lim brothers will be cashing out part of their stakes in Tri Star under the IPO’s offer for sale of existing shares.

Private equity firm Navis Capital Partners invested for a majority stake in Tri Star in 2014 before selling the investment back to the Lim family in 2021.

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