KUALA LUMPUR (Sept 28): PESB Bhd, an electrical engineering firm, has filed for a listing on the ACE Market to raise funds for expansion and future projects.

Acquired by former civil servant Mustafa Mohd Junit under a management buyout for just RM800,000 in 1999, the business is now adding employees and expanding its fleet, machinery and equipment, according to its draft prospectus.

The additional assets are expected to “expand the scope of works that can be carried out internally, reduce reliance on subcontractors, improve project execution efficiency and increase our capacity to undertake multiple projects concurrently”, PESB said.

PESB is the latest mechanical-and-electrical engineering services firm to seek a listing on Bursa Malaysia amid major grid upgrades to cope with a wave of energy-hungry data centres mushrooming in Malaysia.

For the year ended Dec 31, 2025, PESB posted a net profit of RM35.2 million on revenue of RM269.9 million building substations, underground transmission cables and overhead transmission lines in Peninsular Malaysia as well as in Sabah and Sarawak.

The proposed initial public offering (IPO) will also involve an offer for sale by Peculiar Resources Sdn Bhd, the private vehicle of Mustafa who relinquished management of PESB in 2024 to his son Muhammad Affandi and daughter Nurlaili.

Muhammad Affandi is leading the net cash company as managing director while Nurlaili is the executive director responsible for daily operations. Post-IPO, Peculiar Resources’ holdings in PESB will decline to about 66%.

Based in Bangsar, PESB is also seeking to acquire a new office nearby and relocate its entire operations. The rest of the IPO proceeds have been set aside as performance bonds for future projects, working capital and to cover listing expenses.

M&A Securities is the adviser, sponsor, underwriter and placement agent for the IPO.