SABAH-BASED Construction firm Azam Jaya Bhd has signed an agreement with Inter-Pacific Securities to underwrite its initial public offering (IPO) on the Main Market, scheduled for November 2024.

Inter-Pacific will underwrite shares offered to the public and eligible persons.

The IPO includes 78.8 million new shares and 50 million existing shares, representing a 26% stake in the company.

Proceeds will fund equipment purchases, working capital, and debt repayment.

The firm, which focuses on road infrastructure in Sabah, reported a net profit of RM25.98 million for 2023 and currently manages RM1.08 billion in unbilled projects. — TMR