UUE Holdings Berhad has entered into an underwriting agreement with M & A Securities Sdn Bhd for the company’s Initial Public Offering on the ACE Market of Bursa Malaysia Securities Berhad.
The company is primarily involved in the provision of underground utilities engineering solutions, with a focus on pipe laying using the Horizontal Directional Drilling method in addition to the open cut and micro trenching excavation methods.
The IPO consists of a public issue of 124,902,000 new ordinary shares in UUE and an offer for sale of 37,463,000 existing UUE Shares. Of the 124,902,000 Public Issue Shares, 30,415,000 will be made available to the Malaysian public.
M & A Securities will underwrite a total of 71,006,000 Public Issue Shares, being the portion of the Public Issue Shares made available to the Malaysian public via balloting as well as to the Eligible Persons.
The company is said to use the proceeds from the IPO to finance the purchase of machinery and equipment such as HDD machines, lorries and excavators to cater for the on-going and future projects to be secured as part of its future growth plans. Notably, it will also acquire a maxi rig HDD machine which will enable the Group to venture to subsea HDD works, expanding its existing suite of underground utilities engineering solutions. The remaining gross proceeds has been earmarked for general working capital as well as estimated listing expenses in relation to the IPO.
