Leap Market-bound Steel Hawk aims to raise RM3.2m from listing

by BERNAMA / Pic by MUHD AMIN NAHARUL

STEEL Hawk Bhd aims to raise RM3.2 million from its listing on Bursa Malaysia Leading Entrepreneur Accelerator Platform (Leap) Market at the end of October this year.

Steel Hawk is primarily involved in the provision of engineering, procurement, construction and commissioning services for chemical injection skids and improvement or maintenance of topside oil and gas facilities.

In its information memorandum on the listing, the company said the exercise involves the placement of 16 million ordinary shares — equivalent to 10% of its enlarged issued share capital — to selected sophisticated investors at 20 sen per share.

Meanwhile, the remaining 144 million shares are held by the promoters, it said, adding that post-listing, the company would implement a dividend policy to return a minimum of 30% of its earnings to the shareholders.

Speaking at the virtual launch of the information memorandum today, group ED and CEO Datuk M Sharman Kristy said the proceeds would be utilised to provide additional financial flexibility to support the company’s growth strategy.

“We also plan to expand our footprint in the overseas market, primarily into Brunei and Indonesia in the medium term, as we plan to appoint distributors and suppliers in these two countries and leverage their networks to supply our products to the oil and gas industry.

“Despite the market challenges, we will continue to strive hard to lift Steel Hawk to greater heights while further solidifying the foundation year-on-year,” he said, adding that the planned and impending listing would provide the company with multiple avenues of growth opportunities, moving forward.