25/03/2025

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BIZ & FINANCE TUESDAY | MAR 25, 2025

ISP adds RM35m property to portfolio o Plans under way for acquisitions worth RM500m, signalling continued growth in high-value industrial assets

ISP Holding Group CEO Eric Ng said: “This acquisition reflects ISP’s ongoing efforts to strengthen our presence in the industrial real estate sector while ensuring long-term value creation for our stakeholders. The property’s strategic positioning within Mukim of Plentong’s industrial hub makes it an ideal choice for logistics, manufacturing, and warehousing businesses.” He added that this acquisition also reinforces ISP’s commitment to expanding its industrial real estate portfolio by investing in high potential locations. Upon completion, he said they will actively seek tenants for the property, capitalising on the demand for strategically located,

modern industrial spaces. The property comprises a single storey detached factory/warehouse with an annexed double-storey office building. Additionally, the property spans 5.04 acres of freehold land. It offers a gross floor area of 123,000 sq ft including 116,542 sq ft dedicated to production and warehousing and 6,458 sq ft allocated for office space. The facility, the company said, is well-equipped with five loading bays and an open loading area capable of accommodating up to 10, 40-foot containers. It features a high-capacity pallet racking system with a 2,000-pallet capacity, two layer in-rack sprinklers, and an eaves height of 12m at the sides and new ordinary shares (Public Issue Shares or PIS) and an offer for sale of 105 million existing ordinary shares. Of the 210 million PIS, 52.5 million will be made available to the Malaysian public via balloting, 18,316,000 to eligible directors, employees and stakeholders of Enproserve and 139,184,000 to selected investors via private placement. The 105 million shares under the offer for sale will be made available to selected investors. As a Grade G7 contractor registered with the Construction Industry Development Board (CIDB), the group can undertake projects of unlimited value. Enproserve also holds CIDB classifications B02 for construction of buildings and plants with steel frame structures and F01 for building and infrastructure facilities. The group’s commitment to quality, safety and environment management is underscored by its certifications, including ISO 9001, ISO 14001, ISO 41001 and ISO 45001, in line with industry best practices. Barring unforeseen circumstances, the group targets to be listed in the second quarter of 2025. KAF Investment Bank Bhd is the principal adviser, underwriter, and placement agent for the group’s floating exercise.

14.7m at the centre. The building also incorporates modern green features including a 351.5kWP solar photovoltaic system certified for Net Energy Metering and smart LED lighting systems. According to Ng, ISP has completed the sales and purchase agreements for the acquisitions of four industrial assets with a total cost of RM188.5 million, further solidifying its presence in Malaysia’s industrial real estate market. “Looking ahead, we are also exploring potential new acquisitions of industrial properties worth at least RM500 million, underscoring our commitment towards sustainable growth and strategic expansion,” he concluded. Axiata approves XL Axiata’s merger with Smartfren KUALA LUMPUR: Axiata Group Bhd’s shareholders have approved the proposed merger between PT XL Axiata (XL Axiata) and PT Smartfren Telecom Tbk (Smartfren). The proposed merger was approved by its shareholders at the group’s extraordinary general meeting (EGM) through polling, and the results have been submitted to Bursa Malaysia in compliance with regulatory requirements. “This approval marks a key milestone in finalising the merger, bringing the formation of the new entity XLSMART another step closer to completion,” it said. It said XL Axiata and Smartfren shareholders will hold their respective EGM of shareholders today to vote on the merger. With the XL Axiata-Smartfren merger set for completion in the second quarter of 2025, all of the group’s markets will transition to a three-player structure, with Axiata holding over 25% market share in each. – Bernama

KUALA LUMPUR: ISP Group of Companies, a property firm specialising in logistics warehouses, manufacturing hubs and purpose built workers accommodations, has signed a sale and purchase agreement to acquire an industrial property in Mukim of Plentong, Johor, for a total consideration of RM35.1 million. Located within Taman Perindustrian Cemerlang, the 600

acre industrial park benefits from connectivity including access via the Ulu Tiram Interchange of the Senai-Desaru Expressway, and is just 20km from Johor Bahru city centre. The property, which includes an estimated associated cost of RM1.8 million, is projected to be completed within three months, with an additional one-month extension available, if necessary.

Enproserve gets nod from Bursa for ACE Market listing CYBERJAYA: Enproserve Group Bhd, a mechanical and civil engineering service provider for the O&G and petrochemical industries, has

received approval from Bursa Malaysia Securities Bhd for its listing on the ACE Market of Bursa Securities. Enproserve is a downstream service provider for major O&G and petrochemical companies in Malaysia. Operating from Johor, Malacca, and Terengganu, the group specialises in Plant Maintenance, Repair & Overhaul (PMT) and Engineering, Procurement, Construction, and Commissioning (EPCC) services, primarily for the downstream O&G and petrochemical industries in Malaysia, with notable involvement also in the upstream and midstream sectors. The group also provides facility management services for government office and residential buildings. Enproserve has been a long standing service provider to the national O&G company Petroliam Nasional Bhd (Petronas) for the past 15 years. The group’s other notable clientele include refinery and petrochemical complex operators Pengerang Refining Company Sdn Bhd and Pengerang Petrochemical Company Sdn Bhd (collectively

Enproserve specialises in PMT and EPCC services for Malaysia’s downstream O&G and petrochemical industries. – ENPROSERVE WEBSITE

known as PRefChem). Group managing director Azman Yusof said: “Driven by an unwavering pursuit of excellence in mechanical and civil engineering services, Enproserve has made great strides in the last 20 years in Malaysia’s O&G and petrochemical sectors, supporting key players such as Petronas and PRefChem.” He added that seeking listing on the ACE Market is a natural trajectory for them, paving the way for expanding their operational footprint

across Malaysia and enhancing their service offerings to better serve a wider range of clients across the O&G value chain. Benefiting from the pivotal role of O&G and petrochemicals in Malaysia’s thriving economy, and bolstered by their impressive track record, they look forward to scaling new heights in delivering continued success, said Azman. Enproserve will undertake an initial public offering (IPO) exercise entailing a public issue of 210 million

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