Aneka Jaringan secures Bursa’s approval for ACE Market debut

PETALING JAYA: Aneka Jaringan Holdings Bhd has clinched Bursa Malaysia’s approval for its initial public offering (IPO) on the ACE Market.

In regards to the listing, managing director Pang Tse Fui pointed out that the group has won numerous projects based on its technical skills, knowledge, and experience in undertaking technically complex projects.

To date, the group has completed a total of 137 foundation and basement construction projects in Malaysia.

“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 project cost for our clients. The IPO is timely for us to capture the upswing in the construction sector when the economy recovers,” he said.

“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.”

The managing director revealed that the bulk of the proceeds will be utilised for the expansion of its fleet of construction machinery and equipment in Malaysia.

Aneka Jaringan’s IPO will comprise a total of 139.89 million shares wherein 26.9 million shares will be made available to the Malaysian public, 13.45 million shares will be set aside for eligible directors, employees and business associates, 45.72 million shares will be offered via private placement to selected investors and the remaining 53.81 million shares for bumiputra investors approved by the Ministry of International Trade and Industry.