New Straits Times

Haily eyes projects outside Johor


KUALA LUMPUR: Haily Group Bhd, which has constructi­on businesses in Johor Baru and Kulai, plans to expand in the near term.

Founder and executive director See Tin Hai said that while the company was keeping its prospects to venture out to other districts and states, it would, for now, maintain its focus on projects in Johor.

“Despite the lockdown, we still get many tenders from clients. We are logging good sales performanc­e due to our Johor projects,” he said at its virtual prospectus launch yesterday.

Sim said prospects for the company to secure new projects would improve due to the pace of the national vaccinatio­n drive and the expectatio­n of the reopening of the Malaysia and Singapore border.

Haily has 18 building constructi­on projects and two civil engineerin­g-related constructi­on projects in progress.

Its total secured contract value and unbilled contract value up to June 10 stood at RM460.04 million and RM249.58 million, respective­ly.

“The projects we have in hand will last until 2023. We have an unbilled order book of RM250 million,” said Sim, adding that the company was bidding for landed residentia­l, commercial and industrial projects.

En route to be listed on the ACE Market of Bursa Malaysia, Haily aims to raise RM20.4 million from its initial public offering (IPO).

The company is issuing 30 million new shares at an issue price of 68 sen per share.

Of the 30 million shares, Haily is offering 8.92 million shares to the public, 10 million to its eligible directors, employees and persons who have contribute­d to the company’s success and 11.08 million to selected investors by way of a private placement.

There will be an offer for sale that involves 18 million existing ordinary shares via a private placement to selected investors, which will raise a gross proceed of RM12.24 million.

Haily plans to use RM4.2 million or 20.59 per cent of the IPO proceeds to buy constructi­on machinery, equipment as well as new contract management and accounting software and office equipment.

The other 29.41 per cent or RM6 million will be used for working capital for constructi­on projects, 34.31 per cent or RM7 million for repayment of bank borrowings, and 15.69 per cent or RM3.20 million for listing expenses.

The projects we have in hand will last until 2023. We have an unbilled order book of RM250 million.


Haily Group Bhd founder and executive director

 ??  ??

Newspapers in English

Newspapers from Malaysia