Steel Hawk aims to raise RM3.2m from LEAP Market listing

(From left) Steel Hawk Bhd executive director/chief operating officer (onshore) Salimi Khairuddin, executive director/human resources and administration director Datin Annie A/P V Sinniah, group executive director/chief executive officer (CEO) Datuk Sharman Kristy Michael, chairperson and independent non-executive director Haslinda Hussein, and executive director/chief operating officer (COO)(offshore) Khairul Nazri Kamarudin.

(From left) Steel Hawk Bhd executive director/chief operating officer (onshore) Salimi Khairuddin, executive director/human resources and administration director Datin Annie A/P V Sinniah, group executive director/chief executive officer (CEO) Datuk Sharman Kristy Michael, chairperson and independent non-executive director Haslinda Hussein, and executive director/chief operating officer (COO)(offshore) Khairul Nazri Kamarudin.

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KUALA LUMPUR (Sept 10): LEAP Market-bound Steel Hawk Bhd aims to raise RM3.2 million from its initial public offering (IPO).

Launching its information memorandum, the group, which is primarily involved in the provision of engineering, procurement, construction, and commissioning (EPCC) services for chemical injection skids and improvement or maintenance of topside oil and gas (O&G) facilities, said the proceeds are intended to provide additional financial flexibility to support Steel Hawk’s growth strategy by, among others, setting up two fire-rated door assembly lines and construction of a mud cooler system.

The listing exercise involves placing out 16 million ordinary shares, equivalent to 10% of its enlarged issue share capital, to selected sophisticated investors at 20 sen per issue share.

The company said that apart from the 16 million new shares to sophisticated investors, the remaining 144 million shares are held by the promoters.

After the listing, a dividend policy to return a minimum of 30% of its earnings to shareholders will be implemented.

Steel Hawk started off with its initial business of EPCC services for chemical injection skids on 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 O&G support services, which include EPCC services and facilities improvement or maintenance plus installation, maintenance and supply of oilfield equipment through Steel Hawk Engineering.

Steel Hawk group executive director and chief executive officer (CEO) Datuk Sharman Kristy Michael said as a new entrant to the capital market, the group will use the platform to accelerate growth to realise its plan in optimising project outcomes and deliver desirable results to its 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 their networks to supply our products to the O&G industry.

“We look forward to welcome our new shareholders who are joining us in our future journey,” he said.