Company Name: Orkim Berhad
Date of Prospectus: 4 November 2025

Orkim Berhad IPO: Growth-Focused Malaysian Marine Transport Leader Sets Sights on Bursa Listing

Orkim Berhad, Malaysia’s premier clean petroleum products (CPP) and liquefied petroleum gas (LPG) marine transportation provider, is launching its initial public offering (IPO) on the Main Market of Bursa Malaysia. This highly anticipated offering positions Orkim as a major player in the region’s energy logistics sector, with robust financials, a clear dividend commitment, and an ambitious growth strategy.

IPO Snapshot: Offer Structure, Pricing, and Key Dates

Orkim Berhad’s IPO presents investors with a substantial opportunity in Malaysia’s thriving energy logistics sector.

• IPO Symbol: Not disclosed in the prospectus.
• Offer Price: RM0.92 per share
• Total Offer Size: RM92 million (100,000,000 new ordinary shares)
• Number of Shares Offered: 100,000,000 (representing 10% of enlarged issued shares)
• Post-IPO Outstanding Shares: 1,000,000,000
• Offer Period: Opens 10:00 AM, 19 November 2025; Closes 5:00 PM, 26 November 2025

Use of Proceeds: Accelerating Expansion and Fleet Growth

Orkim’s IPO proceeds underline a clear growth-driven narrative:

Majority of funds (87%) earmarked for fleet expansion signals aggressive capacity and market growth plans. Working capital allocation is modest, and IPO expenses are well managed.

Dividend Policy and Commitments

Orkim Berhad targets a payout ratio of 50% to 70% of profit after tax (PAT) attributable to shareholders each financial year. Dividends are subject to cashflow, capex, and working capital requirements, with no legal binding on future payouts. Historical dividend payout ratios are strong:

Dividend payments will be reviewed annually by the Board, and are subject to distributable profits, reserves, and covenants.

Placement and Issuance Breakdown

• Public Issue: 100,000,000 new shares (10% of enlarged share capital)
• Pre-IPO Subdivision: Existing 38,835,000 shares subdivided into 900,000,000 shares
• Post-IPO Outstanding Shares: 1,000,000,000
• Employee/Pink Form Allocation: Eligible persons provided with Pink Application Forms; allocation amount not disclosed
• Retail Offering: 28,000,000 shares underwritten at 1.25% commission
• Institutional Placement: Details on anchor or cornerstone investors not disclosed

Investor Participation & Book Quality

Subscription levels by category and anchor investor details are not disclosed. There is no information on oversubscription metrics or tranche allocations. No pre-listing disposals by early shareholders are stated.

Book quality assessment: The presence of reputable underwriters, a strong dividend policy, and substantial fleet expansion plans suggest robust investor interest. Retail and institutional tranches are underwritten, supporting potential for strong first-day performance.

Deal Parties & Structure

• Principal Adviser, Joint Bookrunner, Managing Underwriter, Joint Underwriter: CIMB
• Joint Bookrunner and Joint Underwriter: RHB Investment Bank (RHB IB)
• Joint Underwriter: Affin Hwang Investment Bank (Affin Hwang IB)
• Legal Advisers: Mah-Kamariyah & Philip Koh; Christopher & Lee Ong
• Reporting Accountants & Auditors: EY (Ernst & Young PLT)
• Independent Market Research: Vital Factor Consulting Sdn Bhd
• Stabilization/Over-allotment (Greenshoe): Over-allotment option available, details not disclosed

All deal parties have provided conflict of interest declarations, confirming no existing or potential conflicts in their roles. The underwriting structure and institutional quality support potential listing day strength.

Company Overview: Business Model, Revenue Streams, and Market Position

Orkim Berhad is a leading marine transportation provider specializing in clean petroleum products and LPG across Malaysia.

• Business Model: Long-term time charter contracts and spot charters for major oil companies and trading entities
• Revenue Streams: CPP and LPG marine transportation services
• Key Products/Services: Transportation of diesel, gasoline, jet fuel, LPG
• Customer Segments: Oil majors, national oil companies, trading houses
• Geographies: Malaysia, regional Southeast Asia

Orkim is recognized for its modern fleet, compliance with safety and environmental standards, and robust governance policies.

Industry Definition, Size, and Trends

Sector: Marine transportation of petroleum and LPG

Industry Size: Precise market size not disclosed, but independent assessment provided by Vital Factor Consulting

Trends: Steady demand for petroleum transport, driven by industrial growth, energy consumption, and regional trade. Sector is resilient to economic cycles due to essential nature of energy logistics.

Financial Health: Multi-Period Performance Analysis

Orkim demonstrates strong financial health, with consistent growth and high margins.

Orkim’s debt levels have declined, and its interest coverage has improved, reflecting prudent financial management and robust cash generation.

Market Position and Competitive Advantages

Orkim Berhad stands out for its modern fleet, compliance excellence, and strong governance.

• Market Share: Specific figures not disclosed
• Brand Strength: Trademark registration underway (application numbers TM2025014365 to TM2025014371 in relevant classes)
• Competitive Advantages: Safety compliance, strong customer relationships, long-term contracts, proven profitability

Management Team & Board Composition

Orkim’s board and senior management blend industry expertise and governance strength.

• Dato’ Abdul Hamid Bin Sh Mohamed: Non-Independent Non-Executive Chairman (PNB nominee)
• Aliff Omar Bin Mohamad Omar: Non-Independent Non-Executive Director (ECSB and PNB nominee)
• Cheah Sin Bi: Director
• Datuk Azman Bin Ismail: Director
• Zuhaida Binti Zulkifli: Director
• Lynette Yeow Su-Yin: Director
• Nasmiza Binti Ismail: Director
• Key Senior Management: Tahirah Binti Mohd. Nor, Wong Kooi Vee, Mohamad Zahid Bin Ahmad Amir, Khoo Jyh Herng, Leong Weng Keong, Nor Azni Binti Abdul Latiff, Rahimee Bin Md Haza

Diversity and independence are emphasized, with 43% female directors and 57% independent directors.

Trends, Timing & Environment

Industry Trends: Rising energy demand, regulatory focus on safety and compliance, steady demand for petroleum transport.

Timing: IPO application window runs from 19 November to 26 November 2025. Listing date not explicitly stated but follows close after the offer period.

Economic Environment: Stable macro backdrop with continued industrial and energy growth in Malaysia. No adverse macro indicators highlighted in the prospectus.

Recent Developments: Substantial dividend payment (RM38 million), ongoing fleet expansion, and strong compliance record.

Market conditions appear favorable for this IPO based on sector resilience and Orkim’s growth trajectory.

Risk Factors

Key risks identified include:

• Legal Risk: Ongoing litigation disclosed, but amounts not material.
• Regulatory Risk: Compliance with Malaysian Anti-Corruption Commission Act, Anti-Money Laundering/Counter-Financing Terrorism Policy, and other regulations.
• Customer Concentration: Reliance on major oil companies; specifics not quantified.
• Supplier Dependence: No material related-party transactions; supplier risk not quantified.
• Debt/Interest Rate Risk: Gearing reduced to 0.7x; interest coverage is strong.
• FX Exposure: Minimal recent impact, but future volatility possible.
• Related-Party Transactions: No material related-party transactions; Board Audit Committee oversight in place.
• Business Model Risk: Marine transport sector subject to global trade and energy cycles.

Growth Strategy

Orkim’s growth plan is anchored on fleet expansion, new vessel acquisition, and market penetration:

• RM80 million from IPO proceeds allocated directly to vessel acquisition within 24 months
• Ongoing trademark registration to strengthen brand
• Expansion of customer base and geographic reach
• Continued focus on compliance, safety, and operational excellence

Ownership & Lock-ups

Pre- and Post-IPO Shareholding Structure:

No controlling shareholder post-IPO. Lock-up agreements are in place as per the Joint Bookrunners’ arrangements. No outstanding ESOPs or warrants disclosed.

Valuation and Peer Comparison

No peer company financials or valuation metrics are disclosed in the prospectus. Thus, a comparative table is not included. No mention of comparable IPOs or sector performance within the relevant period.

Research & Opinions

• Vital Factor Consulting Sdn Bhd provides an independent market assessment, confirming the industry’s stability and Orkim’s market positioning.
• No explicit analyst price targets or forward opinions are disclosed.

IPO Allotment Result

Final subscription outcomes by tranche are not disclosed in the prospectus.

Listing Outlook

Based on robust financials, strong governance, dividend commitment, and ambitious expansion plans, Orkim Berhad’s IPO appears well worth subscribing for investors seeking both growth and income exposure in Malaysia’s energy logistics sector.

First-day trading is likely to be strong relative to the offer price, supported by full underwriting, institutional participation, and a clear growth story. Estimated first-day trading range is expected to exceed RM0.92, with potential upside subject to market conditions and demand.

Prospectus Access

To obtain the full prospectus, visit: www.bursamalaysia.com

How to Apply

Application Channels: Investors may apply via White Application Form (individuals and corporations), Electronic Share Application (Malaysian individuals via ATM of participating banks: Affin, Alliance, AmBank, CIMB, Maybank, Public Bank, RHB), Internet Share Application (selected banks and securities firms), or Pink Application Form (eligible persons).
Application Window: Opens 10:00 AM, 19 November 2025; Closes 5:00 PM, 26 November 2025.
Steps: Complete the relevant application form or use e-platform, pay RM0.92 per share, and submit within the stated period.