Aneka Jaringan gets Bursa Malaysia’s approval for listing

PETALING JAYA: Piling and foundation specialist Aneka Jaringan Holdings Bhd has obtained Bursa Malaysia’s approval to proceed with its initial public offering (IPO) on the ACE Market.

Aneka Jaringan and its subsidiaries are involved in foundation construction for buildings, elevated highways and rail infrastructure, as well as basement construction for underground car parks.

In a statement, Aneka Jaringan managing director Pang Tse Fui said, “One of our differentiating factors is the ability to apply our technical knowledge and experience to provide alternative designs in foundation and basement construction, which reduce the project cost for our clients.

“We have won numerous projects based on our technical skills and knowledge, as well as our experience in undertaking technically complex projects. To-date, we have completed a total of 137 foundation and basement construction projects.”

He also said the IPO was timely for the group to capture the upswing in the construction sector, when the economy recovers.

Pang added that “the bulk of our proceeds will be utilised for the expansion of our fleet of construction machinery and equipment in Malaysia. Part of our overall strategy is to increase our capacity and capabilities in Malaysia while expanding our operations in Indonesia, as well as exploring opportunities in other regional markets.”

Aneka Jaringan’s IPO comprises a total of 139.890 million shares.

Alliance Investment Bank Bhd is the principal adviser, sponsor, underwriter and placement agent for the IPO.