Executive director and group CEO Darren Kee said the proceeds shall primarily be utilised to redeem Keyfield’s cumulative redeemable non-convertible preference shares (CRNCPS), as well as to settle the balance purchase consideration for two vessels, namely Blooming Wisdom and Keyfield Helms 1.
“The CRNCPS were previously issued to acquire three vessels, namely Keyfield Compassion, Keyfield Commander, and Keyfield Grace. The remaining proceeds shall be utilised for repayment of bank borrowings, working capital, and listing-related expenses.
“Post-utilisation of IPO proceeds, Keyfield’s pro forma gearing will be 0.1 times,” he said in his speech at the launch of the IPO prospectus today.
Kee said the group also aims to strengthen its market share through the expansion of its fleet.
In addition, he said the group aims to broaden service offerings, which include the chartering of anchor handling tug and supply vessels that can also serve as smaller-sized accommodation vessels to meet the growing demands of the local oil and gas industry.
“We strive to continuously contribute positively to the industry by offering a comprehensive range of quality accommodation vessels and services that conform to industry health, safety, and environmental guidelines,” he said.
With its current 11 Malaysian-flagged vessels with capacities ranging from 50 to 500 persons, the group is scheduled to be listed on the Main Market of Bursa Malaysia Securities Bhd on April 22, 2024.
Applications for the public issue will be made available today and will close on April 3, 2024.
Out of 209 million new ordinary shares under the IPO, 40 million were made available for the Malaysian public and 24 million for eligible persons, including directors, crew members, and persons who have contributed to the success of the group.
Meanwhile, 73.2 million were made available for private placement to selected Bumiputera investors approved by the investment, trade and industry ministry, and the remaining 71.77 million shares were for private placement to selected investors.