MALAYSIA —Malaysia Steel Works (KL) Bhd has entered into a share sale agreement to purchase a 51% interest in Anpec Global Corporation Sdn Bhd for RM12 million. The transaction structure comprises RM3 million in cash funded through internal resources alongside RM9 million settled via the issuance of 45 million new consideration shares to the vendor. Concurrently, the steel manufacturer has proposed a private placement of up to 29.5 million new ordinary shares to raise gross proceeds of RM5.8 million for operational working capital requirements.
Anpec Global Corporation Sdn Bhd is a CIDB G7 engineering, procurement, construction, and commissioning contractor specializing in up to 275kV substation engineering, high-voltage transformer upgrades, and critical power infrastructure refurbishment. The company maintains an active order book valued at RM107 million extending through 2028 and has executed high-voltage supply projects for major utility operators including Tenaga Nasional Berhad, Sabah Electricity, and Petronas. Founder and Chief Executive Officer Abd Rasid Bin Mohamed Salleh will retain a 49% shareholding and continue steering day-to-day operations.
The acquisition establishes an integrated operational framework that aligns structural steel production with specialized electrical grid infrastructure capabilities. This combination positions the combined entity to capture broader market value from national budgetary allocations driving grid modernization and Green Energy Transition initiatives, including the interconnection of Large Scale Solar installations. Furthermore, it accelerates expansion into mission-critical facilities and data center construction projects requiring specialized high-voltage engineering expertise.
The transaction and concurrent equity fundraising activities are subject to regulatory and shareholder approvals, with completion targeted before the end of 2026. Together, the consideration shares and private placement shares will account for approximately 10% of the total issued share capital of Malaysia Steel Works (KL) Bhd, reflecting a targeted corporate expansion into high-growth power and technology sectors.
