CYBERJAYA: Enproserve Group Bhd, a mechanical and civil engineering service provider for the O&G and petrochemical industries, has received approval from Bursa Malaysia Securities Bhd for its listing on the ACE Market of Bursa Securities.
Enproserve is a downstream service provider for major O&G and petrochemical companies in Malaysia. Operating from Johor, Malacca, and Terengganu, the group specialises in Plant Maintenance, Repair & Overhaul (PMT) and Engineering, Procurement, Construction, and Commissioning (EPCC) services, primarily for the downstream O&G and petrochemical industries in Malaysia, with notable involvement also in the upstream and midstream sectors. The group also provides facility management services for government office and residential buildings.
Enproserve has been a long-standing service provider to the national O&G company Petroliam Nasional Bhd (Petronas) for the past 15 years. The group’s other notable clientele include refinery and petrochemical complex operators Pengerang Refining Company Sdn Bhd and Pengerang Petrochemical Company Sdn Bhd (collectively known as PRefChem).
Group managing director Azman Yusof said: “Driven by an unwavering pursuit of excellence in mechanical and civil engineering services, Enproserve has made great strides in the last 20 years in Malaysia’s O&G and petrochemical sectors, supporting key players such as Petronas and PRefChem.”
He added that seeking listing on the ACE Market is a natural trajectory for them, paving the way for expanding their operational footprint across Malaysia and enhancing their service offerings to better serve a wider range of clients across the O&G value chain.
Benefiting from the pivotal role of O&G and petrochemicals in Malaysia’s thriving economy, and bolstered by their impressive track record, they look forward to scaling new heights in delivering continued success, said Azman.
Enproserve will undertake an initial public offering (IPO) exercise entailing a public issue of 210 million new ordinary shares (Public Issue Shares or PIS) and an offer for sale of 105 million existing ordinary shares. Of the 210 million PIS, 52.5 million will be made available to the Malaysian public via balloting, 18,316,000 to eligible directors, employees and stakeholders of Enproserve and 139,184,000 to selected investors via private placement. The 105 million shares under the offer for sale will be made available to selected investors.
As a Grade G7 contractor registered with the Construction Industry Development Board (CIDB), the group can undertake projects of unlimited value. Enproserve also holds CIDB classifications B02 for construction of buildings and plants with steel frame structures and F01 for building and infrastructure facilities. The group’s commitment to quality, safety and environment management is underscored by its certifications, including ISO 9001, ISO 14001, ISO 41001 and ISO 45001, in line with industry best practices.
Barring unforeseen circumstances, the group targets to be listed in the second quarter of 2025.
KAF Investment Bank Bhd is the principal adviser, underwriter, and placement agent for the group’s floating exercise.
