KUALA LUMPUR (Oct 6): Power infrastructure engineering solutions provider SKA Capital Bhd has signed an underwriting agreement with TA Securities Holdings Bhd for its proposed listing on the ACE Market of Bursa Malaysia.
Under the agreement, TA Securities will underwrite 53.73 million new shares offered to the Malaysian public and eligible persons.
SKA Capital’s initial public offer comprises 168.08 million new shares and an offer for sale of 72.4 million existing shares.
Of the new shares, 111.94 million will be placed with Bumiputera investors, while 2.41 million will go to selected investors. The existing shares will also be placed with selected investors.
Another 44.78 million shares will be made available to the Malaysian public via balloting, while nine million will be allocated to eligible directors, employees and those who have contributed to the group.
SKA Capital, which has been operating for about 17 years, provides engineering services for power infrastructure, including substations and underground utilities. It also trades electrical devices, equipment and construction materials.
Managing director Datuk Subas Kumar Ambairam said the IPO would strengthen the group's financial position and allow it to take on larger projects and broaden its range of solutions.
“We see sustained opportunities arising from Malaysia’s growing electricity demand, continued grid expansion and modernisation, renewable energy integration, as well as the rapid development of data centres and other power-intensive industries,” he said.
The group also plans to expand its underground utilities engineering business and pursue new projects across Peninsular Malaysia.
SKA Capital is registered as a Grade G7 contractor with the Construction Industry Development Board and as a supplier and service contractor with Tenaga Nasional Bhd.
It is also registered with the Finance Ministry and holds a Class A electrical contractor registration with the Energy Commission.
For the financial year ended March 31, 2025, SKA Capital reported a profit after tax of RM30.8 million on a revenue of RM241.36 million.
TA Securities is the principal adviser, sponsor, underwriter and placement agent for the IPO.