Kee Ming Group Berhad

Date of Prospectus: 8 January 2026

High-Growth Malaysian M&E Engineering IPO: Kee Ming Group Berhad Targets Sustainable Expansion and Market Leadership

Kee Ming Group Berhad launches its initial public offering, aiming to capitalize on robust growth in Malaysia’s Mechanical & Electrical (M&E) engineering services sector. This IPO offers investors exposure to one of Malaysia’s fastest-growing project-based engineering groups, with strong financial performance, a well-defined expansion strategy, and an experienced management team.

IPO Snapshot: Key Details and Offer Structure

IPO symbol: Not explicitly disclosed in the prospectus.

Placement/Issuance Breakdown:

• Public: 16,250,000 shares (at least 50% for Bumiputera investors)
• Pink Form (Eligible Employees/Persons): 8,125,000 shares
• Private Placement (Selected investors): 1,625,000 shares
• Private Placement (Identified Bumiputera investors via MITI): 40,625,000 shares
• Offer for Sale by Selling Shareholders: 16,250,000 shares (RM6,175,000 value)

Post-IPO Share Capital: RM45,987,502 (325,000,000 shares) [[151]], [[152]], [[147]], [[149]], [[150]]

Use of Proceeds: Driving Growth and Operational Expansion

Growth-Driven Story: The majority of proceeds are allocated to working capital, team expansion, and project financing, indicating a focus on scaling operations and securing new projects [[153]].

Dividend Policy

No dividend payout or commitment disclosed for the periods under review. The company does not intend to declare or pay any dividends prior to listing. Future dividends will depend on financial performance, capital requirements, and Board discretion [[142]].

Investor Participation and Book Quality

Investor Breakdown:

• Bumiputera investors: At least 50% of public shares and 40,625,000 shares via MITI-identified placement
• Eligible employees/persons: 8,125,000 shares via Pink Form
• Selected investors: 1,625,000 shares via private placement
• Retail public: 16,250,000 shares

Pre-listing Shareholders: Promoter Ir. Liew Kar Hoe and Solarvest Holdings Berhad; post-IPO, both maintain significant holdings [[38]], [[44]], [[151]].

Deal Parties and IPO Structure

Principal Adviser, Sponsor, Sole Placement Agent, Sole Underwriter: TA Securities [[87]]
Legal Adviser: Teh & Lee [[87]]
Financial Adviser: Eco Asia Capital Advisory Sdn Bhd [[87]]
Auditor & Reporting Accountant: Ecovis Malaysia PLT [[88]], [[146]]
IMR (Industry Market Research): Protégé Associates [[88]]

Stabilization/Over-Allotment: No greenshoe or stabilization mechanism disclosed.

Company Overview: Business Model, Revenue Streams & Market Position

Kee Ming Group Berhad specializes in **mechanical & electrical (M&E) engineering services**, focusing on project-based industrial, commercial, and residential installations. Key revenue streams include:

• Electrical equipment/components supply and installation
• ACMV (Air Conditioning & Mechanical Ventilation) equipment
• Hardware and construction materials
• Clean energy (solar PV installation)

Project-based operations** mean revenue and capacity utilization depend on contract awards, not steady recurring sales [[5]], [[15]].

Customer Segments: Industrial, commercial, residential, and clean energy sectors across Malaysia.
Geographic Focus: Malaysia only; all key industry peers listed operate locally [[32]], [[31]].

Industry Size: The IMR report confirms a robust and growing Malaysian M&E engineering market, with major listed competitors and strong demand drivers [[26]], [[27]].

Financial Health: Multi-Period Performance and Ratios

Cash, Bank Balances, and Fixed Deposits: RM18.9 million as at 30 September 2025
Banking Facilities: RM24.3 million (RM16.2 million utilized, 66.7%)
Order Book: RM154.3 million (30 Sep 2025); RM176.1 million (LPD)
Audit Qualification: None; financials are clean [[89]], [[90]], [[132]], [[126]], [[141]], [[13]], [[153]]

Market Position, Competitive Advantages, and Management Strength

Kee Ming Group Berhad leverages strong relationships with established customers, project consultants, and participates in international trade shows for business development. Competitive strengths include:

• Wide supplier network (local and overseas) minimizing supply risk
• Bulk procurement for cost efficiency and margin protection
• Strong on-site project management and quality assurance
• Proven ability to avoid material supply disruptions and price volatility
• ESG practices and compliance with Bursa Sustainability Reporting standards

Management Team:

• Ir. Liew Kar Hoe – Non-Independent Executive Director & Managing Director (Promoter)
• Lai Jun Wah – Chief Financial Officer
• Chan Hon Hoong, Chan Jun Ho – Project Managers
• Board includes independent directors and experienced professionals from investment banking and advisory [[44]], [[72]], [[49]].

Sector Trends, Timing, and Market Environment

Sector Growth: M&E engineering in Malaysia is expanding, with strong project demand across industrial, commercial, and clean energy sectors.
Historical Demand Drivers: Industrial and commercial projects dominate, with clean energy (solar PV) showing recent growth.
Seasonality: Not explicitly disclosed; revenue and cost profiles reflect project-based timing.
Economic Environment: No adverse government, fiscal, or monetary factors have affected performance; inflation and FX exposure minimal for review periods [[139]], [[140]].
IPO Timing: Listing to occur after 8 January 2026 (prospectus date), with funds deployed over 12-24 months post-listing.
Recent Developments: No material interruptions, legal or contingent liabilities reported; order book growth and expanded banking facilities provide positive momentum [[24]], [[20]], [[132]].

Risk Factors: Quantified Exposures and Mitigation

Key Risks:

• Project-based revenue is non-recurring; future performance not guaranteed
• Price fluctuations in raw materials and subcontractor costs (main cost items: 95.5%-97.9% of total)
• Potential delays or cancellations in project delivery, affecting reputation and cash flow
• Exposure to contract terms without variation clauses could compress margins
• Minimal foreign exchange risk (mostly RM transactions)
• Interest rate sensitivity on borrowings, but not material for current periods
• No material legal, regulatory, or supplier dependence risks disclosed [[101]], [[111]], [[139]], [[126]]

Growth Strategy and Expansion Plans

Kee Ming Group Berhad is focused on:

• Continued expansion in the local M&E engineering services market
• Scaling up project team and operational capacity
• Adopting ERP systems for efficiency
• Leveraging ESG compliance and sustainability for competitive advantage
• Participating in larger industrial, commercial, and clean energy projects

Capital Expenditure: RM1.0 million earmarked for ERP, RM1.7 million for project team expansion from IPO proceeds [[153]].

Ownership and Lock-Up Structure

Directors and Key Senior Management: Entitled to Pink Form Allocations; post-IPO holdings are a small fraction.
Lock-up Periods: Not explicitly stated in the prospectus [[38]], [[44]], [[72]], [[151]].

Valuation and Peer Comparison

Peer financials and ratios are provided for major local industry players, but direct P/E, P/B, EV/EBITDA, ROE, ROA, and dividend yields are not disclosed or directly comparable due to different financial year ends, business segments, and scope [[31]], [[32]].

Listing Outlook: Is Kee Ming Group Berhad IPO Worth Subscribing?

Based strictly on disclosed financials, market position, and book quality:

• Robust multi-year revenue growth (RM20.0m to RM62.4m)
• Consistently healthy gross and net margins (GP >20%, PAT >9%)
• Strong order book (RM154m to RM176m)
• Prominent anchor shareholders and institutional placement
• Proceeds committed to scaling operations, not debt repayment
• No major legal, regulatory, or operational risks reported

**Market conditions as described are favorable, with sector tailwinds and no adverse macro factors.** The offer price (RM0.38) appears supported by strong earnings, order book, and growth strategy. **First-day trading is likely to be robust and may exceed the offer price, given the quality of the order book and institutional participation.**

Prospectus Access

Website: www.keeminggroup.com.my