KUALA LUMPUR (July 13): United Asiapac Energy Bhd, an oil and well intervention services provider, has signed an underwriting agreement with TA Securities Holdings Bhd ahead of its planned initial public offering (IPO) on the ACE Market of Bursa Malaysia.
TA Securities will underwrite 37.5 million of these shares, split between 27.5 million shares for the Malaysian public and 10 million shares reserved for eligible directors, employees and other individuals who have contributed to the group’s growth. The remaining 101.72 million shares will be placed with selected investors.
The IPO exercise involves a public issue of 139.22 million new shares, representing 25.3% of the group’s enlarged share capital.
The company is scheduled to list on the ACE Market in the third quarter of 2026.
United Asiapac Energy specialises in fishing services, mainly retrieving equipment stuck in wells, and also provides plug and abandonment (P&A), sidetracking, and other upstream support services.
The group operates mainly on a call-out and purchase-order basis, supported by bases in Kemaman and Labuan.
According to its draft prospectus, the IPO meets only the minimum free-float requirement, allowing the company to retain tight control while offering limited share liquidity. Therefore, there is no offer for sale portion for the IPO.
United Asiapac Energy is fully owned by Asiapac Holdings Bhd, which is 80% controlled by managing director Ahmad Fadzuli Ali, with executive director Datuk Mat Noor holding the remaining 20%. After the IPO, Asiapac’s stake will drop to 74.69%.
Proceeds from the IPO are earmarked primarily for expanding the company’s well intervention tools and equipment and hiring additional engineers. The balance will go towards acquiring a new corporate office, repaying bank borrowings, working capital and listing expenses.
“We remain focused on what has built our reputation in delivering safe, reliable well intervention solutions, while positioning our business for the next phase of growth,” said United Asiapac Energy managing director Ahmad Fadzuli Ali in a statement.
TA Securities is acting as principal adviser, sponsor, underwriter and placement agent for the listing exercise.