KUALA LUMPUR (March 22): Steel Hawk Bhd, which has filed for an initial public offering (IPO) as part of its listing transfer from the LEAP Market to the ACE Market, got a one-year extension each to the two contracts it secured last year to provide pig trap system maintenance for Petronas Carigali Sdn Bhd.
In oil and gas (O&G), the term pig stands for pipeline inspection gauge.
The extension will run between Feb 27 this year to Feb 27, 2025, and applies to both the Peninsular Malaysia and Sarawak assets’ contracts it obtained in March 2023.
These contracts are on a call-out basis, hence do not have a fixed contract value, Steel Hawk said.
The O&G services group is planning a public issue of 90 million new shares and an offer for sale of 44.7 million existing shares as part of its IPO, according to its draft prospectus filed with Bursa Malaysia.
The listing would offer investors a 27% stake in the company, which has been listed on the LEAP Market since October 2021.
The group's shares closed unchanged at 11 sen on Friday, valuing it at RM44 million.