Masteel plans RM12 million Anpec stake purchase and placement
The steel maker seeks to enter power infrastructure and data centre construction, with a separate placement expected to raise up to RM5.78 million.
Malaysia Steel Works (KL) Bhd (Masteel) is buying 51% of Anpec Global Corporation Sdn Bhd for RM12 million and proposing a share placement to fund working capital. In its Oct 12 bourse filing, the group said the acquisition would support its expansion into data centre construction and power infrastructure.
The proposed placement would follow the acquisition, offering investors yet to be identified a maximum of 29.48 million shares. That represents 3.96% of Masteel's issued share base. Using an indicative issue price of 19.6 sen, the fundraising could bring in up to RM5.78 million.
Masteel plans to direct RM5.53 million towards working capital to cover administrative expenses, utilities and staff costs. Funds left over would meet costs associated with the proposal.
For the Anpec purchase, Masteel will use internal funds for a cash payment of RM3 million, alongside 45 million newly issued shares priced at 20 sen each. The seller, Anpec founder and CEO Abd Rasid Mohamed Salleh, will retain 49% of Anpec and continue managing its operations. The transaction is expected to give him a 5.7% Masteel holding, falling to 5.49% after the placement.
Masteel said Anpec's six ongoing projects carry an outstanding order book worth RM107 million, with completion schedules running to 2028. Anpec is also bidding for work worth roughly RM63 million, covering TNB substations and services to test high-voltage equipment for Sabah Electricity.
Anpec's completed projects include supplying bulk electricity at 275kV to the Marmot Data Centre at Elmina West, Selangor, in December 2025. Masteel targets completion of the stake purchase by the end of 2026.
