SKA Capital Plans Malaysian IPO to Expand Grid-Infrastructure Execution Capacity

SKA Capital Berhad is preparing an IPO on Malaysia’s ACE market, proposing to offer shares at MYR0.43 each in a MYR72.3 million public offering. The company has stated that proceeds are intended for equipment procurement, performance guarantees and working capital rather than investment in an owned data-center development.

For data-center infrastructure, SKA’s relevant track record includes a MYR55 million contract for the Kempas Lama data center landing station in Johor. It also completed a 132 kV main switchboard for a data-center development in Selangor under a MYR14.63 million contract. These contract values relate to the specified electrical-infrastructure works and should not be read as total campus CAPEX or as an indicator of commissioned data-center capacity.

As of September 21, 2026, SKA reported an order book of MYR313.4 million, with associated revenue expected to be recognised during the 2026 and 2027 financial years. The company reported completing 34 projects between January 1, 2023 and September 21, 2026, with aggregate contract value of MYR483.2 million.

The proposed capital raise could expand SKA’s ability to mobilise equipment, provide performance security and fund contract execution. This may be relevant to Malaysia’s data-center supply chain, where delivery of new facilities depends not only on site development but also on substations, switchgear and underground cable networks, as well as available grid capacity and timely connections.

Separately, the source states that Tenaga Nasional Berhad is expected to invest MYR15 billion in national-grid upgrades under the 2027 budget to address rising electricity demand. That planned spending provides broader context for the importance of electrical-infrastructure delivery capacity, but it does not establish a direct relationship between TNB’s programme and SKA’s IPO or data-center contracts.