Juniper
- Enick Shaari Mat Hussin, Executive Director Dealing, TA Securities Holdings Berhad
- Ku Mun Fong, Head of Corporate Finance, TA Securities Holdings Berhad
- Dato’ Subas Kumar A/L Ambairam, Managing Director, SKA Capital Berhad
SKA CAPITAL BERHAD (“SKA Capital” or the “Group”), a power infrastructure engineering solutions provider in Malaysia, yesterday launched its Initial Public Offering (“IPO”) Prospectus in conjunction with its upcoming listing on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Securities”).
SKA Capital aims to raise RM72.3 million via the public issue of 168,075,500 new ordinary shares in SKA Capital (“Shares”) at an issue price of RM0.43 per share. The IPO exercise will comprise the following:1
1. Public issue of 168,075,500 new Shares (“Issue Shares”), representing approximately 18.8% of the enlarged total number of shares, allocated in the following manner:
- 44,775,000 Issue Shares for application by the Malaysian public;
- 8,955,000 Issue Shares for application by eligible directors, employees and persons who have contributed to the success of SKA Capital and its subsidiaries;
- 111,938,000 Issue Shares by way of private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (“MITI”); and
- 2,407,500 Issue Shares by way of private placement to selected investors.
2. Offer for Sale of 72,400,000 existing Shares (“Offer Shares”), representing approximately 8.1% of the enlarged total number of shares, by way of private placement to selected investors.
Based on the enlarged total issued share capital of 895,500,000 shares, SKA Capital’s indicative market capitalisation would be RM385.1 million upon listing. The Group is scheduled to be listed on the ACE Market of Bursa Securities on 11 November 2026.
TA Securities Holdings Berhad (“TA Securities”) is the Principal Adviser, Sponsor, Underwriter and Placement Agent of the IPO exercise. Through its subsidiaries, SKA Capital is principally involved in the provision of power infrastructure engineering solutions, comprising substation engineering services, including engineering, procurement, construction and commissioning (“EPCC”) services, civil and structural engineering services, and electrical and mechanical engineering services; underground utilities engineering services; and the trading of electrical devices, electrical equipment and construction materials. Since the commencement of its operations in 2009, the Group has built a track record spanning approximately 17 years in delivering power infrastructure projects across Peninsular Malaysia. Its integrated engineering capabilities and experienced project team are complemented by relevant industry registrations and certifications, including CIDB Grade G7 registration, registration with Tenaga Nasional Berhad (“TNB”) as a supplier and service contractor, Ministry of Finance registration, and Class A electrical contractor registration with the Energy Commission. SKA Capital also holds ISO 9001, ISO 14001 and ISO 45001 certifications, reflecting its focus on quality, environmental management and occupational health and safety.
Through its 70%-owned subsidiary, Reltency Engineering Services Sdn Bhd, the Group has expanded its capabilities to undertake projects directly for TNB as a main contractor. This complements SKA Rekabina’s established experience in delivering TNB-related works for other main contractors. The Group’s growth has been underpinned by the expansion of its project portfolio, with revenue increasing from RM44.4 million in FYE2023 to RM241.4 million in FYE2025. This growth momentum continued into the five-month financial period ended 31 May 2026, during which the Group recorded revenue of RM119.2 million, representing an increase of 45.4% from RM82.0 million in the preceding corresponding period.
As at 21 September 2026, the Group’s outstanding order book stood at approximately RM313.4 million, providing earnings visibility from its ongoing substation engineering and underground utilities engineering projects. The Group continues to actively participate in tenders for new projects and is confident in securing new contract wins that will not only replenish its existing order book but also drive meaningful growth. This confidence is underpinned by SKA Capital’s continued pursuit of larger and more complex power infrastructure projects while broadening its customer base.
Following the IPO, the Group expects to have a robust financial position and additional resources to support its next phase of growth. The proceeds will be used mainly to purchase machinery and equipment, support performance bond requirements for future projects and fund working capital. This will enhance the Group’s ability to undertake multiple projects concurrently and compete for larger, higher-value power infrastructure contracts. The balance will be used to defray listing expenses.
Commenting on the IPO launch, Dato’ Subas Kumar A/L Ambairam, Managing Director of SKA Capital Berhad, said:
“The launch of our IPO Prospectus marks an important evolution in SKA Capital’s journey and the beginning of our next phase of growth. We have built our business by consistently delivering power infrastructure projects and progressively expanding our capabilities from civil and structural works into substation EPCC and underground utilities engineering services. Malaysia’s power infrastructure sector continues to benefit from sustained investment. TNB has committed RM18.0 billion in total capital expenditure for 2026, while under Budget 2027, it will invest RM15.0 billion specifically to strengthen the national electricity grid. This sustained commitment to grid resilience, expansion and modernisation, together with rising electricity demand, data centre development and renewable energy integration, continues to create opportunities for SKA Capital. We believe the IPO will serve as a springboard for the Group to capture these opportunities by strengthening our financial position and execution capacity, enabling us to pursue larger and more complex projects and undertake multiple projects concurrently. Moving forward, we intend to build on our project track record, industry credentials and established customer relationships to replenish our order book and deepen our participation in power infrastructure projects across Peninsular Malaysia. As we embark on this next chapter, we remain committed to delivering quality infrastructure that supports Malaysia’s continued development.”
TA Securities Holdings Berhad’s Head of Corporate Finance, Ku Mun Fong, said:
“The SKA Capital Group has established an operating track record in delivering essential power infrastructure works, supported by its engineering expertise, technical resources and project management capabilities. As Malaysia continues to strengthen its energy network and support new investment in industrial and digital facilities, companies with established engineering capabilities will have opportunities to contribute to that development. We believe the IPO will provide SKA Capital with a platform from which to build upon its experience and pursue its next stage of growth, while remaining focused on sound project execution and sustainable value creation”.
