KUALA LUMPUR, MY / ACCESS Newswire / July 21, 2026 / Pioneer Heat Holdings Berhad ("Pioneer Heat" or the "Group"), a mechanical engineering services provider with core expertise in piping system engineering and related specialised services, has entered into an underwriting agreement with Malacca Securities Sdn. Bhd. ("Malacca Securities") in preparation for its Initial Public Offering ("IPO") on the ACE Market of Bursa Malaysia Securities Berhad ("Bursa Securities").

(From Left) Mr. Wong Wei Lieh, Executive Director of Pioneer Heat Holdings Berhad; Mr. Wong Wei Ken, Chief Executive Officer/Executive Director of Pioneer Heat Holdings Berhad; Ms. Lim Chia Wei, Managing Director of Malacca Securities Sdn Bhd; Ms. Tan Sin Jiang, Vice President of Malacca Securities Sdn Bhd

With operating roots dating back to 1997, Pioneer Heat has built a track record of approximately 29 years in supporting new plant construction, maintenance, scheduled turnarounds, modifications and refurbishment works for oil and gas refineries, petrochemical complexes, utility plants and manufacturing facilities. The Group's mechanical engineering services comprise piping system engineering, heat treatment services, flange management and non-destructive testing ("NDT") services, serving customers mainly across the oil and gas, petrochemical, utility and manufacturing industries. The Group is also involved in civil engineering works for the construction of industrial and ancillary facilities.

According to the exposure draft prospectus published on Bursa Securities' website, Pioneer Heat's IPO comprises a public issue of 86.70 million new ordinary shares and an offer for sale of 17.345 million existing ordinary shares.

The allocation of the IPO shares is structured as follows:

• Malaysian Public:

  • 17.345 million new shares, representing approximately 5.0% of the Group's enlarged issued share capital, will be made available for application by the Malaysian public.

• Eligible Persons:

  • 10.407 million new shares, representing approximately 3.0% of the Group's enlarged issued share capital, will be allocated to eligible directors and employees, as well as persons who have contributed to the success of Pioneer Heat and its subsidiaries.

• Private Placement to Selected Investors:

  • 58.948 million new shares, representing approximately 17.0% of the Group's enlarged issued share capital, will be made available by way of private placement to selected investors.

• Offer for Sale:

  • 17.345 million existing shares, representing approximately 5.0% of the Group's enlarged issued share capital, will be offered by way of private placement to selected investors.

Pursuant to the underwriting agreement, Malacca Securities will underwrite 27.75 million Issue Shares, comprising the shares made available for application by the Malaysian public and eligible persons. The remaining 76.293 million IPO shares, comprising 58.948 million new shares and 17.345 million offer shares, will be placed out to selected investors by way of private placement.

Mr. Wong Wei Ken, Chief Executive Officer and Executive Director of Pioneer Heat Holdings Berhad, said, "The signing of this underwriting agreement marks an important milestone for Pioneer Heat as we move closer to our listing on the ACE Market. Over the years, we have built our capabilities around specialised mechanical engineering services that support the full lifecycle of industrial plants, from new plant construction to maintenance, turnarounds, modifications and refurbishment works. This listing exercise will allow us to strengthen our operational base, expand our regional presence and enhance our capacity to serve customers across key industrial sectors."

Ms. Lim Chia Wei, Managing Director of Malacca Securities Sdn. Bhd., said, "We are pleased to support Pioneer Heat Holdings Berhad in this significant step towards its ACE Market listing. Pioneer Heat has established itself as a specialised mechanical engineering services provider with experience across piping system engineering, heat treatment, flange management and NDT services. Backed by its operating track record, technical capabilities and expansion plans, the Group is well-positioned to strengthen its market presence and pursue its next phase of growth."

As outlined in the exposure draft prospectus, the proceeds from the public issue are intended to be utilised for the establishment of the New Sendayan HQ and the New Sarawak Office, the purchase of machinery and equipment, working capital and estimated listing expenses.

The New Sendayan HQ is expected to comprise an administrative office, warehouse and workshop to service customers in the Central region, with planned capabilities including fabrication works for pipe spools and pipe structures, hydrotesting works, heat treatment services and valve servicing. Meanwhile, the New Sarawak Office is intended to support the Group's expansion in East Malaysia by providing additional space for fabrication activities, storage of materials, machinery, equipment, tools and consumables, as well as the continued development of its service offerings in the region.

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ABOUT PIONEER HEAT HOLDINGS BERHAD

Pioneer Heat Holdings Berhad ("Pioneer Heat" or the "Group") is a Malaysia-based mechanical engineering services provider principally involved in piping system engineering and related specialised services, including heat treatment, flange management and non-destructive testing ("NDT") services. With operating roots dating back to 1997, the Group has built approximately 29 years of experience in supporting the full lifecycle of industrial plants, covering new plant construction, maintenance, scheduled turnarounds, modifications and refurbishment works. Pioneer Heat serves customers across key industrial sectors including oil and gas, petrochemical, utility and manufacturing, while also undertaking civil engineering projects for the construction of industrial and ancillary facilities. Moving forward, the Group aims to strengthen its operational capacity through the establishment of its New Sendayan HQ and New Sarawak Office, enhance its technical capabilities through additional machinery and equipment, and expand its market presence to support continued growth in Malaysia's mechanical and civil engineering industries.

For more information, visit https://pioneerheatholdings.com/.

Issued By: Swan Consultancy Sdn. Bhd. on behalf of Pioneer Heat Holdings Berhad

For more information, please contact:

Jazzmin Wan
Email: j.wan@swanconsultancy.biz

Qian Yu Chow
Email: s.chow@swanconsultancy.biz

SOURCE: Pioneer Heat Holdings Berhad