Enproserve Set To Focus On PIC Turnaround Project, Crane Segment Post-IPO

KUALA LUMPUR, July 18 (Bernama) -- Enproserve Group Bhd is concentrating on two main areas following its initial public offering (IPO) listing today, mainly preparing for the 2027 plant turnaround project at the Pengerang Integrated Complex (PIC) in Johor and expanding into the crane and heavy lifting segment.

Group managing director Azman Yusof said that integrated planning for the turnaround is already underway, with dedicated teams focusing on equipment readiness and coordination to ensure smooth execution.

“The size of the plant itself -- the biggest complex in Southeast Asia -- shows how significant the revenue will be from the maintenance and turnaround exercise. It will be more than what we are getting right now,” he told reporters during the group’s listing press conference today.

He said Enproserve’s current contracts in plant maintenance and turnaround are expected to sustain the company over the next two years, while the PIC job, backed by a 10-year contract, would drive additional revenue in the medium term.

“Our contracts work on a unit rate basis, and we will be quoting to the client accordingly. But what I can say now is that it is going to be much more than what we currently have,” he said.

As for the IPO proceeds, Azman said most of the funds raised will be channelled into building up the group’s crane and heavy lifting services.

“In fact, most of the IPO proceeds will go to this business. We have secured a master service agreement to supply cranes, skylifts, and forklift lorries to Petronas Chemical Group, Petronas Gas, and Petronas Fertiliser,” he said.

He added that, while there are currently no immediate plans to venture into East Malaysia, the group remains open to the possibility if the right strategic partner were to come along.

At the opening bell today, Enproserve debuted on Bursa Malaysia’s ACE Market at 26 sen, up two sen from its IPO price of 24 sen, with 5.31 million shares traded.

At 5 pm, Enproserve added 2.5 sen to 26.5 sen, with 75.84 million shares traded.

-- BERNAMA