Steel Hawk started off with its initial business of EPCC services for chemical injection skids at offshore exploration and production platforms in October 2012 via its subsidiary, Steel Hawk Engineering Sdn Bhd.
KUCHING: Steel Hawk Berhad (Steel Hawk) today launched its Information Memorandum for its eventual listing on the LEAP Market of Bursa Malaysia Securities Berhad.
The listing exercise involves placing out 16 million ordinary shares, equivalent to 10 per cent of its enlarged issue share capital, to selected sophisticated investors at 20 sen per issue share.
This will raise RM3.2 million of which the proceeds are intended to provide additional financial flexibility to support Steel Hawk’s growth strategy by,amongst others, setting up two fire rated door assembly lines and construction of a mud cooler system.
Apart from the 16 million new shares to sophisticated investors, the remaining 144 million shares are held by the promoters. Post-listing, a dividend policy to return a minimum of 30 per cent of its earnings to the shareholders will be implemented.
Steel Hawk’s group executive director and chief executive officer, Datuk Sharman Kristy Michael commented, “As a new entrant to the capital market, we will use this platform to accelerate our growth to realise our plan in optimising project outcome and deliver desirable results to our clients.
“Moving forward, we aim to further improve our efficiencies and secure better profit margins by setting up two fire rated door accessories assembly lines and own a mud cooler system with our listing proceeds.
“We also plan to expand our footprint in the overseas market primarily into Brunei and Indonesia in the medium term as we plan to appoint distributors and suppliers in these two countries and leverage on their networks to supply our products to the oil and gas industry.
“We look forward to welcome our new shareholders who are joining us in our future journey.”
Steel Hawk started off with its initial business of engineering, procurement, construction and commissioning (EPCC) services for chemical injection skids at offshore exploration and production platforms in October 2012 via its subsidiary, Steel Hawk Engineering Sdn Bhd.
The group then expanded its business and is now primarily involved in the oil and gas support services which include EPCC services and facilities improvement or maintenance plus installation, maintenance and supply of oilfield equipment through its subsidiary, Steel Hawk Engineering Sdn Bhd.