KUALA LUMPUR, 22 September 2025 – PMW International Berhad has formalized an underwriting agreement with KAF Investment Bank Berhad as part of its initial public offering (IPO) ahead of its planned listing on Bursa Malaysia’s ACE Market. The concrete products manufacturer intends to channel its listing proceeds into building a new manufacturing facility in Tanjung Manis, Sarawak, along with fresh machinery and enhanced production capabilities to meet growing infrastructure demand.
The IPO structure comprises a public issue of 178,411,000 new ordinary shares and an offer for sale of 89,205,000 existing ordinary shares. Of the new shares, 44,602,600 are allocated for the Malaysian public via balloting, while the rest will be made available to selected private placements and other investor classes.
Business & Strategic Context
PMW International specialises in the design, manufacture, and sale of pre-stressed spun concrete poles, piles, and related concrete products (monopoles, decorative poles, square piles) as well as moulds, machinery, metal products and lighting products. Its customer base spans the power transmission & distribution, telecommunications, infrastructure, and construction sectors locally and in export markets. The company already operates multiple manufacturing plants in Perak and Sabah.
The new facility in Tanjung Manis is a strategic move to better serve East Malaysia (Sabah & Sarawak) and capitalise on the growing infrastructure development landscape there. Construction of this plant will reduce logistics costs, improve delivery lead times for customers in East Malaysia, and allow PMW to enhance its capacity for spun poles and piles.
Other uses of proceeds include acquiring new machinery and equipment to support operations (especially for moulds and spun poles), general working capital, and covering costs associated with the IPO listing.
Timing, Governance & IPO Mechanics
The listing is expected around mid-November 2025. PMW International has engaged KAF Investment Bank as its Principal Adviser, Sponsor, Sole Underwriter and Placement Agent.This means that KAF carries significant responsibility (and risk) in ensuring the IPO succeeds and that share allocation meets regulatory and investor expectations.
The IPO shares are split among various groups: Malaysian public via balloting, Bumiputera investors (with allocations approved by relevant authorities), employees / eligible persons with contributions to the company, and private placements. The offer-for-sale portion allows existing shareholders to realise some value (selling part of their holdings).
Implications & Risks
Building the new plant in Sarawak could significantly help PMW International tap the infrastructural push in East Malaysia. Sabah and Sarawak have been targeted in multiple government plans for development, including roads, rural electrification, telecommunications etc., so proximity and production capacity could become competitive advantages.
However, risks remain. Machinery and construction costs can be volatile. Building in Sarawak entails logistical, labour, regulatory, and infrastructure challenges (transport, power, access). Moreover, demand depends partly on government budget allocations and macroeconomic conditions. If delivery or quality is behind expectations, it could affect credibility.
Investors will also watch how well the company manages its working capital, IPO pricing, and ability to scale operations without eroding margins—especially when capital expenditure and overheads increase.
Wider ASEAN & Infrastructure Supply Chain Context
PMW International’s strategy reflects broader trends in ASEAN, where infrastructure build-out (roads, utilities, power, telecommunications) is seen as a key growth engine. Suppliers of core materials (concrete, poles, piles), machinery, and related components are increasingly positioning themselves to benefit from rising government spending.
Moreover, the IPO supply chain is becoming more capital markets-friendly: companies expanding capacity, regional footprint, or automation are finding that listing or raising equity is an effective way to fund large capex moves and gain investor trust.
