KUALA LUMPUR: Newly listed Geohan Corporation Bhd, a homegrown geotechnical specialist, intends to use its newly raised capital to push beyond Malaysian borders and build a meaningful presence in Singapore’s booming construction sector.
Managing director Lee Kim Seng said the company is entering the next phase of its growth trajectory with a sharper regional focus, identifying Singapore as a high-value market offering strong, sustained demand for deep foundation and infrastructure work.
“We are all set to capture the opportunities coming from Malaysia’s expanding infrastructure sector and Singapore’s booming construction activities,” he said during the company’s listing ceremony today.
Geohan made its debut on the Main Market of Bursa Malaysia at 54 sen, 1 sen below the initial public offering (IPO) price, with 1.56 million shares traded. It closed at 54 sen also, on volume of 28.19 million shares.
The company raised RM72.6 million through the issuance of 132 million new shares, with no offer-for-sale component. Lee said Geohan deliberately chose not to cash out shares, describing the decision as a signal of commitment to long-term expansion rather than short-term profit-taking.
“Our main purpose of this IPO is to grow the company to the next level,” he said. “This is our sincerity in building a stronger company.”
Executive director Oh Chin Wah outlined Geohan’s phased entry strategy for Singapore, a market known for stringent contractor qualifications, heavy compliance requirements and intense competition.
“We always want to start with a small team first,” he said. “At the moment, we are aiming at important infrastructure projects in Singapore. To be in the market, we need to be a qualified contractor, obtain the required permits and ensure our personnel hold the necessary certifications.”
Geohan has already begun the process of registering its Singapore entity and preparing its technical team for the certification standards required in the republic.
Oh said the company is working with Singapore counterparts to participate in tenders for infrastructure projects, which will serve as its entry point. “Once we get into the market, that is where we familiarise ourselves with the ecosystem before expanding into the commercial and residential segments.”
Chief financial officer Low Kok Din said the group intends to establish an operational hub in Johor, enabling cross-border deployment of resources and equipment while controlling costs and managing logistics efficiency.
The southern base will also act as a bridge to address labour and permit issues, especially given Singapore’s tight talent market.
“To synchronise our business in Malaysia and Singapore, we are looking to set up an operations hub in Johor,” Low said. “At the same time, we will recruit Singaporean talents who can help us navigate the local market and grow our presence.”
With construction costs rising globally and Singapore known for premium labour requirements, analysts raised questions about execution risk.
Oh acknowledged the challenges but said Geohan aims to mitigate risk by leveraging its Johor hub, strengthening internal coordination and offering growth pathways to attract Singaporean talent. “Singapore is an open market. Competition is unavoidable. But as we grow our presence there, we believe we can offer strong career prospects to retain local talent.”
The group’s entry strategy, anchored on infrastructure before branching into private-sector developments, is expected to give it a more stable footing in managing regulatory and cost challenges.
Despite the regional ambitions, Malaysia remains Geohan’s anchor market.
As of Oct 22, the group held an order book of RM390 million, providing earnings visibility up to 2027. About 20% of this will be recognised this year, with the bulk flowing in 2026.
Low said the company maintains a “sizeable” tender book to ensure pipeline continuity, given the relatively short duration of its projects. “We have a dedicated tender team looking out for opportunities, especially for major infrastructure developments in Johor, the northern region and across Malaysia.”
He added that the group is targeting double-digit revenue growth over the next three to five years, underpinned by infrastructure projects under the Malaysian development plans and the anticipated expansion into Singapore.
To support expansion, Geohan will channel RM14 million of its IPO proceeds into upgrading and expanding its machinery fleet, including four rotary drill rigs, eight crawler cranes and five excavators. A further RM25.6 million has been allocated for working capital.
The larger fleet is expected to boost capacity, allow the group to take on more complex jobs and strengthen its competitiveness in both markets.
The group has adopted a dividend policy of paying out 25% of earnings, subject to board approval, reflecting its confidence in its ability to sustain operational performance.
With both domestic infrastructure spending and Singapore’s construction pipeline expected to remain robust in the coming years, Geohan believes its dual-market strategy positions it well for the next phase of growth.
“We are ready to reach greater heights,” Lee said. “This listing marks the beginning of an exciting future for Geohan as we step confidently into new markets.”
