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KUALA LUMPUR (Jan 19): Property developer JRK Holdings Bhd is seeking a listing on the ACE Market to raise funds for working capital and future expansion.
Under its public issue, JRK will issue 48.16 million new shares allocated to the Malaysian public, 9.63 million new shares for eligible persons, 120.39 million new shares reserved for Bumiputera investors and 81.82 million new shares for selected investors.
There is no offer for sale of existing shares by current shareholders, according to its draft prospectus.
The IPO price and indicative market capitalisation have yet to be determined.
Incorporated in 2014, JRK is an urban property developer focusing on residential and commercial developments, primarily in the Klang Valley. The group is led by managing director Datuk Seri Kwan Aik Khai.
Since commencing its property development operations, JRK has completed three projects, which are JRK Senesta, JRK Convena and JRK Delta. The three projects have a combined gross development value (GDV) of RM337.62 million.
The group currently has one ongoing development, JRK Celestia, with a GDV of RM136.09 million, which is expected to be completed by the end of 2028.
In addition, JRK has several ongoing and planned developments located in Kuala Lumpur and Selangor, including projects in Petaling Jaya South, Puchong, Seri Kembangan, Setapak and Bukit Lanjan.
As at the latest practicable date, the group has a land bank of approximately 7.33 acres, comprising both owned and controlled land, reserved for future development.
According to the draft prospectus, IPO proceeds will be used mainly to fund working capital for the group’s ongoing and planned development projects, including construction, marketing, professional fees and statutory payments.
Part of the proceeds will also be allocated for future land acquisitions and joint development arrangements, although the group has yet to identify or commit to any specific projects.
Of the group’s six ongoing and planned developments, three are joint development projects with related-party landowners, namely JRK Delta Residence, JRK Equine and JRK Elysia.
In the seven months ended July 31, 2025, JRK's net profit slipped 5.78% to RM7.1 million, from RM7.54 million. Revenue in the period amounted to RM49.59 million, from RM83.48 million in 7MFY2024.
The group had a strong FY2024 as net profit jumped 67.7% to RM10.92 million, while revenue rose 80.7% to RM117.65 million.
Post-listing, Kwan’s stake will be diluted from 74.9% to 54.7%, while chief operating officer of project operations Lim Boon Kiong will have his stake diluted from 4.1% to 2.97%. Kwan and Lim’s private investment vehicle Mont Asset will also have its stake reduced from 12.4% to 9.1%.
Kenanga Investment Bank Bhd is acting as the principal adviser, sponsor, underwriter and placement agent for the IPO.
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