KUCHING: Hartanah Kenyalang Berhad (Hartanah Kenyalang) made its debut on the ACE Market of Bursa Malaysia Securities Berhad today, successfully listing 620 million shares and raising RM19.3 million from its initial public offering (IPO).
The funds raised will support the company’s expansion plans, with RM3 million allocated for the purchase of new machinery and IT systems, RM10.5 million for project working capital, RM2.1 million for loan repayments, and RM3.8 million set aside for listing-related expenses.
Hartanah Kenyalang, via its wholly owned subsidiary Hartanah Construction Sdn Bhd, specialises in building and infrastructure projects such as schools, roads, and bridges.
The company is positioning itself to tap into Sarawak’s booming infrastructure pipeline, supported by government allocations and ongoing development initiatives.
Managing director Seah Boon Tiat said the group plans to invest in six new excavators and adopt Building Information Modelling (BIM) to enhance its design-and-build capabilities, enabling it to move up the value chain.
The company has tendered for projects worth RM451 million as of April 30 2025, including road and bridge works under the Sarawak State Budget 2025, which allocates RM1 billion for infrastructure development.
Seah added that Hartanah Kenyalang is also eyeing opportunities in water infrastructure and renewable energy. The Sarawak government has committed RM4.6 billion to water projects under its Water Supply Master Plan and allocated RM450 million for pipe replacements and upgrades through 2025.
In the energy sector, the state’s push to restructure Sarawak Energy Bhd and meet its 15GW renewable energy target by 2035 has created new opportunities for private contractors. Hartanah Kenyalang is actively bidding to construct substations crucial to supporting future renewable power distribution.
Meanwhile, deputy managing director Seah Boon Kee, speaking at a press conference after the company’s ACE Market debut, said the opening share price was acceptable for now.
“Given the current market sentiment, particularly the trade tensions between the two major global powers, the price may not reflect our company’s true value at this stage.
“But as the price is stable at this moment, so far so good, I would say,” he said.
With a robust track record, revenue rose from RM34.1 million in FY2021 to RM 127.6 million in FY2024, and net profit grew from RM4.8 million to RM9.2 million, the company is poised to capitalise on Sarawak’s development momentum.
TA Securities Holdings Berhad acted as the principal adviser, sponsor, sole underwriter, and placement agent for the IPO.
