KUALA LUMPUR, 7 January 2026 — Kee Ming Group Berhad, a mechanical and electrical (M&E) engineering solutions provider with a growing footprint in clean energy infrastructure, has taken a significant step toward its public market debut after inking an underwriting agreement with TA Securities Holdings Berhad in conjunction with its proposed initial public offering (IPO) on the ACE Market of Bursa Malaysia.
Under the agreement, TA Securities will underwrite 24.38 million new shares, reinforcing its role as Principal Adviser, Sponsor, Sole Placement Agent and Sole Underwriter for the IPO.
Established M&E Capabilities With Clean Energy Exposure
With approximately 13 years of industry experience, Kee Ming has positioned itself as a trusted provider of integrated M&E engineering solutions across a broad spectrum of applications. The Group’s electrical engineering services span high-voltage (HV), medium-voltage (MV), low-voltage (LV) and extra-low voltage (ELV) systems, while its mechanical engineering capabilities include air-conditioning and mechanical ventilation (ACMV) and fire protection systems.
In line with Malaysia’s National Energy Transition Roadmap, Kee Ming has also expanded into clean energy-related M&E services, including solar photovoltaic (PV) installations and electric vehicle (EV) charging infrastructure, enabling the Group to participate in the country’s accelerating push toward sustainable energy solutions.
IPO Structure And Share Allocation
Kee Ming’s IPO will comprise a public issue of 66.63 million new ordinary shares, representing approximately 20.5% of the enlarged issued share capital, alongside an offer for sale of 16.25 million existing shares, equivalent to 5.0% of the enlarged share capital.
The public issue is structured as follows:
- Malaysian public:
16.25 million shares, or 5.00% of the enlarged issued share capital. - Eligible persons:
8.13 million shares, or 2.50%, allocated to eligible directors, employees and contributors to the Group’s success. - Private placement to identified Bumiputera investors approved by MITI:
40.63 million shares, or 12.50% of the enlarged issued share capital. - Private placement to selected investors:
1.63 million shares, or 0.50% of the enlarged issued share capital.
Separately, the offer for sale involves 16.25 million existing shares, or 5.00% of the enlarged issued share capital, by way of private placement to selected investors.
Order Book Visibility And Market Tailwinds
Commenting on the underwriting agreement, Kee Ming’s Non-Independent Executive Director and Managing Director Ir. Liew Kar Hoe said the milestone marks a pivotal point in the Group’s corporate journey.
“The signing of this underwriting agreement represents another important milestone as we progress toward becoming a listed company,” he said. “Our IPO will strengthen our financial position and enable us to undertake larger and higher-value projects that support Malaysia’s industrial expansion and clean energy transition.”
As at 31 July 2025, Kee Ming had 50 ongoing projects with a combined project value of RM218.6 million, alongside a total outstanding order book of RM142.2 million, providing near-term earnings visibility.
Industry fundamentals also remain supportive. Malaysia’s M&E engineering services market is forecast to expand from RM10.86 billion in 2025 to RM16.82 billion in 2029, representing a compound annual growth rate (CAGR) of 11.9%. Growth drivers include robust infrastructure and building activity, the rapid expansion of data centres, and major public-sector projects such as the Penang Light Rail Transit, Johor–Singapore Rapid Transit System, and the Johor–Singapore Special Economic Zone, alongside rising investment in solar PV and EV charging infrastructure.
Positioning For Sustainable Growth
With its planned ACE Market listing, Kee Ming aims to further reinforce its position as an M&E engineering solutions provider with exposure to clean energy and sustainability-linked projects. The IPO is expected to enhance the Group’s financial flexibility, support capacity expansion and enable it to capture growth opportunities arising from Malaysia’s industrial development and long-term energy transition agenda.
