KUALA LUMPUR, 25 August 2025 – Cheeding Holdings Berhad (“Cheeding” or the “Group”), a utilities engineering solutions provider specialising in Malaysia’s power infrastructure sector, has signed an Underwriting Agreement with TA Securities Holdings Berhad (“TA Securities”) as part of its Initial Public Offering (“IPO”) on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Securities”).
Through its subsidiaries, Cheeding delivers comprehensive utilities engineering services, covering Engineering, Procurement, Construction, and Commissioning (“EPCC”) as well as maintenance of overhead and underground infrastructure, and substation engineering. The Group is a registered CIDB Malaysia Grade G7 contractor and holds multiple accreditations from Tenaga Nasional Berhad (“TNB”), the Ministry of Finance (“MOF”), and the Energy Commission of Malaysia.
TA Securities will act as the Principal Adviser, Sponsor, Underwriter, and Placement Agent for the IPO exercise.
Details of the IPO Exercise
The IPO will consist of:
- Public Issue of 143,000,000 new shares, allocated as follows:
- 39,863,000 shares for the Malaysian public;
- 8,168,000 shares for eligible directors, employees, and contributors to the Group’s success;
- 67,767,000 shares via private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (“MITI”); and
- 27,202,000 shares via private placement to selected investors.
- Offer for Sale of 65,000,000 existing shares, comprising:
- 31,891,000 shares to Bumiputera investors approved by MITI; and
- 33,109,000 shares via private placement to selected investors.
Under the agreement, TA Securities will underwrite 48,031,000 new shares made available to the Malaysian public and pink form allocations.
Leadership Comments
Cheeding’s Chief Operating Officer, Ng Lam Shein, said:
“This underwriting agreement represents a major milestone in our journey towards listing. It reflects stakeholder confidence in Cheeding’s strong fundamentals, built over nearly 20 years of serving Malaysia’s power infrastructure industry.
With this IPO, we aim to scale further in project size and service depth, enhance our design and engineering expertise, expand our presence in overhead, underground, and substation works, and strengthen our internal systems for long-term growth. This marks an exciting new chapter for Cheeding, and we are ready.”
He added that the Group was pleased to partner with TA Securities as Principal Adviser, Sponsor, Underwriter, and Placement Agent.
Meanwhile, Ku Mun Fong, Head of Corporate Finance at TA Securities, commented:
“We are honoured to support Cheeding in its IPO journey. As a CIDB G7 contractor and TNB-registered vendor with proven project execution in the power infrastructure sector, Cheeding is well-positioned as Malaysia strengthens its grid infrastructure. We look forward to working alongside the Group as it transitions into a listed company.”
