,Steel Hawk Bhd aims to raise RM3.2mil from a listing on the LEAP Market of Bursa Malaysia
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KUALA LUMPUR: Oil and gas support services provider Steel Hawk Bhd aims to raise RM3.2mil from a listing on the LEAP Market of Bursa Malaysia to fund its expansion plans.
In a statement issued in conjunction with the launch of its information memorandum, the group said the exercise involves the placement of 16 million shares, or 10% of its enlarged issued share capital, to selected sophisticated investors at 20 sen per share.
The proceeds of the listing will go towards its growth strategy, which includes the setting up of two fire-rated door assembly lines and the construction of a mud cooler system.
Apart from the share placement, the remaining 144 million shares in the company are held by the promoters.
Post-listing, the company will implement a dividend policy to return a minimum of 30% of its earnings to shareholders.
Steel Hawk, via its subsidiary Steel Hawk Engineering Sdn Bhd, began in October 2012 as a provider of engineering, procurement, construction and commissioning services for chemical injection skids at offshore exploration and production platforms.
Following an expansion, the group is now mainly involved in oil and gas support services, which include engineering, procurement, construction and commissioning (EPCC)services, facilities improvement and maintenance and the maintenance and supply of oilfield equipment.
According to group executive director and CEO Datuk Sharman Kristy Michael, the group aims to expand its footprint in overseas markets, primarily Brunei and Indonesia.