31/12/2025

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Malaysian Paper

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Kee Ming receives Bursa nod for ACE Market listing

UMPSA Holdings making waves globally in facilities management and drone tech PETALING JAYA: UMPSA Holdings Sdn Bhd (UMPSAH), the commercial subsidiary of Universiti Malaysia Pahang Al-Sultan Abdullah (UMPSA), is making waves on the global stage with two landmark international partnerships, proving that a com pany from a small town such as Gambang can have a global impact. The first collaboration was for malised with Chulia Middle East Technical Services LLC, a Malaysia founded international facilities man agement company, through a memorandum of understanding (MoU) signed on Nov 18 in Dubai, the United Arab Emirates (UAE). The partnership encompasses smart facilities management, build ing information modelling, IoT enabled building solutions, project management, cleaning services and specialised technical solutions in cluding chilled-water pipe corrosion removal for large HVAC systems. UMPSA Vice-Chancellor Professor Dr Yatimah Alias said, “This MoU reflects a shared commitment to innovation, knowledge exchange and sustainable value creation for Malaysia, the UAE and beyond.” UMPSAH managing director and group CEO Mohd Fadzil Mohd Idris said that through the partnership, UMPSA’s research and innovation ecosystem is now connected to international industry. He added that together with Chulia, they aim to commercialise homegrown technologies and turn academic innovations into real-world solutions. Founded in 1995, Chulia Middle East, a subsidiary of Chulia Facilities Management Sdn Bhd (Malaysia), manages over 500 FM contracts, employs more than 700 skilled personnel and has delivered over 30 major projects across the UAE. The collaboration positions UMPSAH to provide transformative solutions for both public and private sectors across Malaysia and the Middle East. Separately, UMPSAH signed a MoU with Albatross Tech Pt Co Ltd, China, to establish Pahang’s first low-altitude airspace technology incubator and drone centre. This centre will drive research, testing, technology transfer and joint innovation in drone systems, autonomous vehicles, robotics and agritech solutions at UMPSA’s 180-acre Agriculture Twin Park in Luit, Maran. A key objective of the partnership is to develop Malaysian-made drones, strengthening local high-tech manu facturing, reducing dependence on imports and positioning Malaysia as an emerging global player in the drone industry. The centre will support multiple sectors including smart agriculture, infrastructure inspection, logistics, asset management and commercial drone services. Mohd Fadzil said, “This initiative is an investment in local talent and future-ready Malaysian-made drone solutions. It strengthens Malaysia’s position in the global drone eco system while accelerating innovation across multiple industries.”

o IPO to catalyse company’s growth as mechanical and electrical engineering specialist

PETALING JAYA: Kee Ming Group Bhd, a mechanical and electrical (M&E) engineering solutions pro vider, has received approval from Bursa Malaysia Securities for its listing on the ACE Market. With more than 12 years of industry experience, Kee Ming has established itself as a provider of comprehensive M&E engineering solutions, spanning electrical engineering services such as high voltage, medium-voltage, low voltage and extra-low voltage installations, as well as mechanical engineering services including air conditioning and mechanical venti lation and fire protection systems. In addition, the group provides M&E engineering services for clean energy infrastructure, including solar photovoltaic installations and electric vehicle charging solutions. The group’s initial public offering (IPO) will comprise a public issue of 66.63 million new shares and an offer for sale of 16.25 million existing shares, totalling 82.88 million ordinary shares, representing 25.5% of the group’s enlarged issued share capital of 325 million ordinary shares in conjunction with its listing. A total of 16.25 million shares or 5% of the enlarged issued share capital will be made available for application by the Malaysian public; 8.13 million shares or 2.5% of the enlarged issued share capital, will be allocated to eligible directors, employees, and other persons who have contributed to the success of the group; and private placement to identified Bumiputera investors approved by Ministry of Investment, Trade and Industry (Miti). Another 40.63 million shares or PETALING JAYA: Homegrown power distribution specialist and electrical distribution equipment manufacturer Powerwell Holdings Bhd has entered into a conditional share sale and purchase agree ment with Ling Soon Kiong, Tian Nyan Fatt, Ting Ing Houng and Lee Joon Kian (collectively referred to as the vendors) to acquire 49% equity in terest each in Tenaga Kenari Sdn Bhd (TKSB) for RM12.5 million and Tenaga Kenari Marketing Sdn Bhd (TKMSB) for RM4.2 million. Established in 1994, Tenaga Kenari is an electrical engineering company with over 30 years of experience in the design and manufacture of customised, high performance electrical switchgear and control-gear assemblies. The company offers a suite of

12.5% of the enlarged issued share capital are reserved for private placement to identified Bumiputera investors approved by Miti; 1.63 million shares or 0.5% of the enlarged issued share capital are reserved for private placement to selected investors and offer for sale of 16.25 million existing shares or 5% of the enlarged issued share capital by way of private placement to selected investors. Kee Ming non-independent executive director and managing director Liew Kar Hoe said, “Securing Bursa Securities’ approval for our listing marks an important milestone in Kee Ming’s growth journey. From our beginnings as an M&E engineering contractor in Perak, we have grown into a specialist with capabilities spanning electrical works, ACMV and fire protection systems, solar PV instal lations and EV charging solutions. The IPO will strengthen our financial position and enable us to undertake more projects or projects of higher value that support Malaysia’s industrial growth and clean energy transition.” Kee Ming has built a strong, diversified customer base across Malaysia, completing projects in Perak, Selangor, Pahang, Kuala Lumpur, Penang and Kedah. Its extensive project footprints reflect the group’s proven capability to deliver M&E services across in dustrial, commercial and resi dential developments, as well as the clean energy segment nationwide. The group said that its capability to undertake M&E engineering projects as both a main contractor and subcontractor, together with its strategic relationship with Solarvest

Kee Ming has built a strong, diversified customer base across Malaysia.

customer networks, creating opera tional synergies, particularly in delivering solar PV engineering, procurement, construction, and commissioning projects that require strong M&E engineering expertise. TA Securities Holdings Bhd is the principal adviser, sponsor, sole placement agent and sole underwriter for the IPO, while Eco Asia Capital Advisory Sdn Bhd serves as the financial adviser. Powerwell expands into East Malaysia via acquisition Holdings Bhd, positions Kee Ming well to capitalise on Malaysia’s energy transition agenda. Solarvest, a leading clean energy solutions provider listed on the Main Market of Bursa Securities, is a substantial shareholder of Kee Ming, holding a 30% equity interest before the IPO, which will be reduced to 23.85% post-IPO. This collaboration enables both parties to leverage complementary strengths and

recurring business opportunities.” She added that this synergistic move aligns with the group’s five pillar growth strategy and builds on their mergers and acquisitions initiatives, following the acqui sition of Firerex in April this year, which has started to contribute positively to the group. The proposed acquisition comes with a profit guarantee by the vendors that Tenaga Kenari will achieve a cumulative profit after tax (PAT) of RM12 million for three financial years. As such, the total purchase consi-deration translates into an implied price-to-earnings mul tiple of 8.5 times based on valuation of Tenaga Kenari of RM34 million and average PAT of RM4 million per annum. The proposed acquisition is expected to be completed by March 31, 2026.

more than 150 projects, pre dominantly in Sarawak, and has completed projects with an aggregate value exceeding RM100 million over the past 10 years. In addition to customised solutions, Tenaga Kenari operates dedicated production lines for standardised electrical enclosures, supplying to Sarawak Energy Bhd. Powerwell’s managing director, Catherine Wong Yoke Yen, said: “The proposed acquisition marks our expansion into East Malaysia and allowing us to tap on the vast opportunities in that region. It provides us with im mediate access to new customers and industries while expanding our product portfolio, capabilities, and competencies. “The combination of Tenaga Kenari’s bespoke engineering capability and scalable production supports sustainable growth and

electrical engineering solutions, including mechanical and elec trical control systems, process related control panels integrated with programmable logic cont rollers, building management systems and supervisory control and data acquisition solutions. Backed by an in-house engi

neering team and a workforce of more than 80 skilled personnel, Tenaga Kenari has built a strong track record across diverse sectors such as semiconductor, high-tech manufacturing, utilities, infra structure, petrochemical, renew able energy, as well as industrial and commercial facilities. The company has delivered