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Malaysian construction company plans IPO for property, infrastructure units

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Malaysian construction company plans IPO for property, infrastructure units

Listed construction company Ekovest Bhd. plans to launch an IPO for its property and infrastructure units on the Bursa Malaysia, New Straits Times reported, citing Managing Director Datuk Seri Lim Keng Cheng.

Lim did not disclose any timeline for the planned listings but noted that the IPO of the real estate unit will take place after the company has listed the infrastructure business. The listing for the property arm could be in the form of a REIT as soon as the company's EkoCheras and EkoTitiwangsa properties are established, the executive said, according to the Feb. 2 report.

The managing director also reportedly said that the property unit contributes 30% to the group's total earnings, while the construction arm accounts for 40%. In 2016, the company's current assets were worth roughly 1.05 billion Malaysian ringgit and it reported gross revenue of about 793.6 million ringgit.

Ekovest listed in Malaysia in 1992 as a pure-play construction company and since then has expanded to cover the property development and infrastructure concession sectors.

As of Feb. 2, US$1 was equivalent to 4.42 Malaysian ringgit.