Steel Hawk has inked an underwritting agreement with UOB Kay HIna for its upcoming transfer listing from ACE Market to the Main Market of Bursa Securities.

Currently listed on the LEAP Market of Bursa Securities, Steel Hawk, through its subsidiaries is principally involved in the provision of onshore and offshore support services for the oil and gas industry with operations based in Kemaman, Terengganu and Miri, Sarawak.

The IPO exercise entails a public issuance of 90.00 million new ordinary shares, making up 18.37% of the Group's enlarged share capital of 490.00 million shares. It also involves an offer for sale of 44.70 million existing shares, or 9.12% of the enlarged share capital, to selected investors by way of private placement.

Out of the 90.00 million new shares to be issued, 24.50 million new shares, representing 5.00% of the enlarged share capital will be open for application to the Malaysian public. 12.25 million shares representing 2.50% of the enlarged share capital will be made available to eligible employees and persons who have contributed to the success of the Group ("Pink Form Shares"). 53.25 million new shares, or 10.87%, of the enlarged share capital will be issued to selected investors by way of private placement.

Pursuant to the underwriting agreement, UOB Kay Hian will underwrite 36.75 million new shares made available for Pink Form Shares and the Malaysian public.

The company targets the transfer in the third quarter of 2024.