Serba Dinamik appoints banks for listing exercise

PETALING JAYA: Serba Dinamik Holdings Bhd has entered into a retail underwriting agreement with three investment banks for its proposed initial public offering (IPO) and listing on the Main Market of Bursa Malaysia Securities Bhd.

Serba Dinamik Holdings provides engineering solutions for the oil and gas (O&G) and power generation industries with operational facilities in Malaysia, Indonesia, the United Arab Emirates (UAE), Bahrain and UK.

The group’s business activities comprise operations and maintenance services, engineering, procurement, construction and commissioning works.

In a statement last Friday, the maintenance, repair and overhaul (MRO) services provider said RHB Investment Bank and Affin Hwang IB are its joint principal advisers, bookrunners and underwriters, while AmInvest and Kenanga are its joint underwriters for the proposed IPO.

RHB Investments is also acting as the managing underwriter for this IPO exercise.

“This event marks a major milestone for us, and brings us one step closer to the finishing line of the IPO process. I believe that the IPO will provide us with the financial impetus needed to achieve our growth strategies both in Malaysia and abroad,” Serba Dinamik group managing director/CEO Datuk Dr Ir Mohd Abdul Karim Abdullah said.

Through the IPO proceeds, the group said, it will be able to enhance its business and operational facilities, establish new facilities, invest and acquire complementary assets as well as develop small gas power plants and water utility assets. 

Its IPO involves an offering of up to 389.4 million ordinary shares of 50 sen each, comprising an offer for sale by the selling shareholders of up to 118 million existing shares and a public issue by the company of 271.4 million new shares.  

Mohd Abdul Karim said the group has a strong market position among its peers in the industry, whereby it is currently ranked third among companies in Malaysia providing MRO of rotating equipment to the O&G industry.

“We intend to leverage on our core competencies operating within the O&G and power generation industries, and also owning assets that will diversify our revenue streams and drive our future business growth,” he added.